The volume of construction output based on raw data was 16.2% lower in October 2020 compared to the previous year. Output decreased in both main groups of construction: in the construction of buildings by 5.3%, in civil engineering by 26.5%. Based on seasonally and working day adjusted indices construction output increased by 1.3% compared to […]

In October 2020, the volume of industrial production grew by 0.6% year-on-year according to crude data. Based on working-day adjusted data production rose by 2.7%. The growth was 2.8% compared to the previous month according to seasonally and working-day adjusted data. The Central Statistical Office's report also says that industrial output in October this year […]

After weeks of a standoff with the European Union over rule of law conditions set by the bloc, Hungary and Poland have agreed to lift their veto over the Union’s stimulus package in exchange for a much more lenient oversight process on the part of the EU. The final deal is still to be approved […]

In EUR terms, the value of exports was 1.5% and that of imports 6.8% lower in October 2020 than in the same period of the previous year, the Central Statistical Office reported this Wednesday. The balance of external trade in goods improved by EUR 516 million compared to October 2019. Compared to the previous month, the level of external […]

In November 2020, annual inflation stood at 2.7% and core inflation at 3.9%. Core inflation adjusted for the effects of indirect taxes, was 3.3%. Inflation fell by 0.3 percentage points relative to the previous month, primarily reflecting a decline in fuel and regulated product prices. The National Bank of Hungary (MNB) says its measures of […]

The Hungarian and Polish governments’ veto blocking the approval of the EU's long-term budget and coronavirus rescue package may have dire economic consequences, international credit rating agencies warned. If the standoff with Brussels drags on, it could have a negative effect on Hungary’s credit rating. Hungary and Poland followed through on their threat to block […]

The volume of gross domestic product went down by 4.6% in Hungary in the 3rd quarter of 2020 compared to the corresponding period of the previous year. According to seasonally and calendar adjusted and reconciled data the performance of the economy was 11.4% higher than in the previous quarter and 4.6% lower than in the corresponding […]

In the third quarter of 2020, Hungarian service exports and imports – calculated in euros – decreased by 33% and 31%, respectively, compared to the same period of the previous year. According to figures published by the country's Central Statistical Office, t he surplus was EUR 1,653 million, which is EUR 908 million less than in the […]

Amid the social and economic pain brought by the global COVID-19 crisis, remembering past strengths and looking beyond the pandemic might be difficult. As they work to mitigate the impact of the pandemic, Hungary’s public and private leaders must set aside time to envision and implement measures that will build on the country’s solid fundamentals […]

GKI’s economic sentiment index fell sharply in November, falling below its level in early summer. According to a survey conducted by Budapest-based GKI Economic Research Co. with the support of the EU, this is a consequence of falling business expectations. The consumer confidence index rose minimally recently, although due to its decline in the previous […]

Hungarians demonstrated a strengthening inclination to set aside financial reserves amidst the coronavirus crisis. As a result, the financial assets of the population have increased by 5% since the end of last year despite many households witnessing a drop in disposable income. The most popular products in the savings market in the first three quarters […]

The gross domestic product of Hungary went down by 4.6% according to raw data and by 4.7% according to seasonally and calendar adjusted and reconciled data in the 3rd quarter of 2020 compared to the corresponding period of the previous year. However, data just released by the country's Central Statistical Office also suggest that compared to […]

In August 2020, the volume of Hungarian exports increased by 1.5% and that of imports was unchanged compared to the same period of the previous year, the country's Central Statistical Office reports. The surplus was EUR 272 million, the balance improved by EUR 257 million compared to August 2019. According to calendar-adjusted data, the export volume grew by 4.4% and the […]

After a short respite in the summer months, Hungary’s unemployment rate set out on a upward trajectory in September, reflecting the negative impact of the pandemic on the nation’s economy. The somber economic outlook gives little hope that the trend will reverse any time soon. Hungary’s unemployment rate rose for the first time in four […]

Dániel Palotai, who was Executive Director and Chief Economist at the National Bank of Hungary for over seven years until last month, will be on the Board of Directors of the International Monetary Fund from November 1. The Hungarian economist has been an advisor to the IMF since September this year. As the news site […]