In April, 2020 the volume of industrial production declined by 36.8% year-on-year. Based on working-day adjusted data, production fell by 36.6%. The economic effects caused by the coronavirus epidemic were significant in this period. According to data by Hungary's Central Statistical Office, the manufacture of transport equipment fell outstandingly, to one-fifth, due to the temporary […]

The financial news site portfolio.hu calculated from data published by the Central Statistical Office that in April, 425,000 people in Hungary considered themselves unemployed, which is an increase of 140,000 compared to the period before the coronavirus crisis. Some of them will be able to return to work in the next period because they were […]

Two-thirds of Hungarians support the idea of ​​adopting the euro and replacing the forint as soon as possible, according to a recent poll conducted by Pulzus Research for the news site Napi.hu. However, the reality of the move is small for the time being. To the question, "Would you support the introduction of the euro […]

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 […]