The volume of gross domestic product was 2.2% higher in Hungary in the 1st quarter of 2020 than in the corresponding period of the previous year, the country's Central Statistical Office (KSH) reports. The extraordinary situation resulting from the corona virus pandemic had a negative impact on the performance of most sections, but market services and, […]

In the current extraordinary economic circumstances, the Hungarian National Bank’s (MNB’s) mandate is still to achieve and maintain price stability, to preserve financial stability, as well as to support the government’s economic policy. Consistent with this, mitigating the negative effects of the coronavirus pandemic on the real economy and financial markets and creating the conditions […]

Leaving behind the legacy of the 2007-2008 crisis, the Hungarian banking system is prepared to face the challenges likely to result from the COVID-19 pandemic with healthy balance sheets and adequate capital and liquidity reserves. That is according to the latest financial report by the National Bank of Hungary (MNB). The report states that "based […]

The debt of Hungarian hospitals increased by HUF 5 billion in April, according to recent data from the Hungarian State Treasury. This time, the increase may be due to the loss of income due to the discontinued care, as well as the additional costs of preparing for the care of Covid-19 patients. As of April […]

Based on the feedback from the Budapest companies, Elek Nagy, the President of the Budapest Chamber of Commerce and Industry, sent a letter asking the government to make the GINOP - 1.2.8-20 EU fund application currently under social negotiation available to Budapest companies within the framework of the Competitive Central Hungary Operational Program (VEKOP). The […]

The European Commission has approved a HUF 350 billion (approximately EUR 1 billion) scheme to support the Hungarian economy in the context of the coronavirus outbreak. The support measures available under the scheme will be financed by the EU structural funds. According to Executive Vice-President Margrethe Vestager, in charge of competition policy, “this EUR 1 […]

Handling the Covid-19 coronavirus situation seems to be one of the biggest challenges of our post-’89 new world – but also a possibility to rethink and recalibrate European co-operation and maybe the entire European project. The end of a period and hopefully the beginning of another one. Ruling by decree in a war-style fashion sounds […]

The Hungarian currency, the forint has reached another historic low this Wednesday as more than HUF 350 had to be paid for one euro. The new record low exchange rate was HUF 351.08 / EUR, the financial website portfolio.hu reports. The Hungarian currency also reached a record low to the US dollar this Wednesday: HUF […]

The European Investment Bank and the Ministry of Finance of Hungary signed this Thursday in Budapest an EUR 150 million loan for the construction and rehabilitation of eight schools, 16 classroom extensions and 20 new sport halls in schools, as well as the construction of 26 swimming pools and 17 larger gymnasiums in public schools […]

In the third quarter of 2019 the number of payment cards and within this, that of cards facilitating contactless payments continued to grow, according to a report by the National Bank of Hungary. The expansion in the volume of electronic payments primarily continues to be a result of the dynamic growth of the number and […]

Consumer prices were 3.4% higher on average in November 2019 than a year earlier. Significant price rises were measured over the past year for alcoholic beverages and tobacco as well as food, the country's Central Statistical Office reports. Food prices went up by 5.5% (including a 14.8% rise for pork prices), the price of other […]

In October 2019, the volume of industrial output grew by 6.1% year-on-year. Based on working-day adjusted data production rose by 6.4%, according to figures published this Friday by the Hungarian Statistical Office. The report says the majority of manufacturing subsections contributed to the increase. The rate of growth significantly slackened in the largest weight representing […]

Industrial producer prices as a whole were 1.5% higher in October 2019 than in the same period of the previous year, Hungary’s Central Statistical Office reports this Tuesday. The development of prices was influenced by changes in world market prices of raw and base materials and by wage growth. Domestic output prices increased by 1.7% […]

Apart from the 2008 and 2009 crisis years, the volume of bilateral trade between Spain and Hungary has been on the rise since Hungary’s 2004 accession to the European Union and has more than doubled from that date. Even though the bilateral trade and investment figures of recent years are encouraging, there is ample room […]

In the first half of 2019, the annual growth rate of house prices accelerated to some extent at national level, while in Budapest, the annual dynamics slowed down from 24.8% to 22.5%, the National Bank of Hungary (MNB) reports. Although, the currently strong housing market demand is supported both by home starter programs and the […]