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Economy

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Hungarian Drug Agency Approves Russia’s COVID-19 Vaccine

D&T
Jan 29, 2021

Hungary’s drug authority approved Russia’s Covid-19 vaccine, called Sputnik, making the nation the first EU member state to allow the use of the vaccine. The government of Prime Minister Viktor Orbán seeks to speed up the country’s exit from the coronavirus crisis by securing vaccines from Russia and China. Hungary’s drug authority granted emergency approval […]

Hungarian Central Bank Ends Year on Cautious Note

D&T
Dec 18, 2020

The National Bank of Hungary left its monetary policy unchanged at this year’s last meeting of the Monetary Policy Council in a signal that rate-setters are applying caution in light of continued risks to global investor sentiment and a resurgence of the coronavirus pandemic. While a slowdown in inflation and a rally in the forint […]

Hungary and Poland Nearing Deal with EU on Budget and Rule of Law

D&T
Dec 10, 2020

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 […]

Hungary’s EU Budget Veto May Prove Risky Gamble

D&T
Dec 4, 2020

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 […]

Powering up Hungary for a Decade of Growth

D&T
Nov 27, 2020

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 […]

Hungarians Jump on Savings Bandwagon amid Pandemic

D&T
Nov 20, 2020

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 […]

Hungarian Economy: Up but Lower Year on Year

D&T
Nov 13, 2020

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 […]

Jobs in Peril

D&T
Oct 30, 2020

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 […]

Future of Finance in Hungary

D&T
Oct 23, 2020

The coronavirus pandemic has proven that it is time to retire unwieldy, passé business models that are not cutting it anymore in the financial sector. As economic uncertainties take center stage the world over, Hungary’s financial managers place their hope in automation and digitalization to weather the storm. The challenges and expectations of financial managers […]

The End of an Era?

D&T
Oct 1, 2020

The adversities caused by the coronavirus pandemic are engulfing new sectors of the economy and few are likely to escape unscathed. Experts warn that the Hungarian property market is also set to suffer in the coming quarters with many owners being forced to sell and buyers being few and far between. In recent years, many […]

Winners of the Global Pandemic

D&T
Aug 13, 2020

This year has brought about challenges for the globe that previously only sci-fi writers imagined. In spring, the world economy seemed to screech to a halt, scores of companies saw their existence in danger, millions of workers were unable to work, and raw materials procured from abroad failed to arrive or did so with a […]

Participants of the OECD Productivity Forum in the Pest Vigadó event center | Zoltán Balogh /MTI

OECD forum in Budapest

D&T
Jun 26, 2017

The 3rd Global Forum on Productivity organized by the Organization for Economic Cooperation and Development fostering international co-operation between public bodies and promoting productivity-enhancing policies has opened in Budapest.

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OECD report: Hungary lagging behind

D&T
Mar 14, 2016

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.

| source: GKI

Consumer business confidence index slips

D&T
Feb 22, 2016

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.

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