Hungary’s GDP per capita (purchasing power parity) reached 68% of the European Union average in 2015, a Eurostat report showed on Wednesday. The Hungarian figure is better than Latvia’s and those member states that joined the EU after 2004.

The OECD projected hardly a month ago that the Hungarian economy will grow by 2.5% year on year in 2016. However, this forecast has been cut sharply to 2016 in the OECD’s latest Economic Outlook published this Wednesday.

The decline of the GKI economic sentiment index that started this January, stopped in May. The business confidence index remained unchanged compared to April. However, consumer expectations almost reached their peak value this year.

The European Commission recommends Hungary to achieve annual fiscal adjustments and lower sector-specific taxes, reduce the tax wedge for low-income earners and facilitate the transition from the public work scheme to the primary labour market.

The latest home price index analysis by the Hungarian mortgage bank FHB suggests that home prices in the country rose by 14% on average from a year earlier, the biggest increase seen in a European Union member state.

Hungary’s 0.8% quarter-on-quarter GDP contraction in January-March was the sharpest drop in the entire bloc and the only country that fared worse than Hungary in terms of yr/yr growth was recession-ridden Greece, portfolio.hu quotes Eurostat.

The Indo-Hungarian Business Association’s activities cover promotion of commercial and industrial relations between India and Hungary, developing business cooperation, providing assistance to Indian entrepreneurs in Hungary and vice versa.

The perception of bribery and corruption among corporate executives has not changed meaningfully over the last four years, according to the 14th Global Fraud Survey by Ernst & Young. In Hungary, this ratio is well above even the regional average at 66%.

In order to boost employment, Hungary should reduce the burden of labour income taxation, especially for low-earners, and devote more funds to human capital and research & development in order to improve its lagging behind developed OECD countries.

The Emerging Europe Mega Mission 2016 business delegation, organized by British government's Trade and Investment Bureau (UKTI), visited the Hungarian capital this week, focusing on companies with advanced manufacturing technologies.

Corruption affecting public decisionmaking, public healthcare and public procurement remained a cause of concern in Hungary, the European Commission said in its latest country report cited by the Hungarian financial website portfolio.hu.

Compared to its very high January level, the seasonally adjusted GKI economic sentiment index decreased by a rate that has not been seen for a year. Expectations deteriorated in all sectors and among consumers, but they still reflect an optimistic mood.

The Hungarian Investment Promotion Agency (HIPA) says it successfully negotiated 67 investment projects last year, an increase of 12% compared to the previous year. 14 projects were started by German firms and 11 projects by US companies.

Hungary’s consumer prices rose 0.9% year on year in January 2016. The consensus forecast in a poll by the financial website portfolio.hu showed that inflation accelerated to 1.1% from 0.9% in December, i.e. the actual CPI reading undershot expectations.

Budapest Healing Baths and Hot Springs Co. Ltd. became the 'Investor of the Month' for investment projects implemented and financed from own funding, which have added to the allure of Budapest as a tourism destination for several years.