Hungarians working in foreign countries permanently or temporarily sent home less money last year than in the previous year, the business daily Világgazdaság said on Friday citing World Bank figures. The total transfer was 450 million dollars less than in 2014.

The Ministry for National Economy expects stagnating industrial output growth to be transitory in Huntary, as both order volume and industrial confidence indices are pointing to further expansion, Minister of State István Lepsényi pointed out.

Hungary's manufacturing industry has been facing a shocking shortage of labour as of Q3 2016, with more than 70% of the companies surveyed reporting that the lack of adequate workforce is a hindrance to production, portfolio.hu reports.

If the economic processes remain constant and productivity improves further Hungary’s accession to the euro area by the end of this decade "should not be groundless", Economy Minister Mihály Varga is quoted by portfolio.hu as saying .

The French-Hungarian Chamber of Commerce and Industry (CCI France Hongrie – FHCCI) has been serving the French business community in this country for a quarter of a century. Its President, Miklós Maróthy gave an interview to Diplomacy & Trade.

The volume of exports in euro terms was up 6.3% in May 2016, while imports grew 2.4% compared to May 2015, the Central Statistics Office is quoted by portfolio.hu. The foreign trade surplus was EUR 755 mn, setting a new record.

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.