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Economy

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Hungary's Levies Special Taxes as Part of 'Anti-War' Economic Strategy

D&T
Jul 12, 2024

Hungary's government has unveiled what it dubs an "anti-war" action plan. The ambitious strategy, announced on Monday, aims to shore up the country's finances through a series of special taxes on banks, energy companies, and multinational firms. Prime Minister Viktor Orbán's administration is no stranger to unconventional economic measures. Once again, they've turned to their […]

Budapest Airport Homecoming: Hungary Reclaims Control

D&T
Jun 7, 2024

In a bold move signaling its commitment to national sovereignty, Hungary’s government has reclaimed Budapest Liszt Ferenc International Airport, the nation’s largest commercial airstrip. The state has officially repurchased the company managing the airport, according to a statement from the Ministry of Economy. The deal, valued at a whopping €3.1 billion (HUF 1.2 trillion), sees […]

Hungary's Monetary Maneuvering: A Narrowing Path Ahead

D&T
May 24, 2024

In a move mirroring April's decision, the National Bank of Hungary once again trimmed key interest rates by 50 basis points this week. However, the monetary policy outlook beyond June remains clouded in uncertainty, with the central bank's cautious and patient approach suggesting a narrowing margin for further easing maneuvers. One more rate cut is […]

Hungary's Economic Expansion Trails Expectations Amid Slow Recovery

D&T
May 3, 2024

In the latest quarterly review, Hungary's economic performance fell short of analysts' projections, underscoring the challenges of a gradual recovery from a protracted recession that continues to pressure the nation's fiscal framework. According to data released by the Budapest-based statistics office this week, Hungary's Gross Domestic Product (GDP) increased by 1.1% on an annual basis […]

Hungary Hits Pause on Investments Amid Soaring Budget Deficit

D&T
Apr 12, 2024

Hungary finds itself grappling with a ballooning budget deficit that has compelled the government to put a temporary halt on state investments. As the first quarter of the year drew to a close, the central budget deficit alarmingly neared the full-year target, painting a stark picture of the financial challenges facing the nation. In March […]

Hungary's Competitiveness Eroding, Central Bank Warns

D&T
Mar 22, 2024

In the ever-evolving landscape of global economies, the importance of economic competitiveness cannot be overstated. It is the cornerstone of a nation's ability to sustain growth, attract investment, and improve the living standards of its population. A nation's competitiveness is often a reflection of its efficiency, innovation, and the ability to leverage technology and human […]

Hungarian Central Bank Head Warns of Autonomy Under Threat

D&T
Mar 1, 2024

György Matolcsy, the Governor of the National Bank of Hungary, has vehemently criticized the government's latest proposal, which he perceives as a direct assault on the institution's independence. This latest clash deepens the rift between Prime Minister Viktor Orbán’s administration and the country’s chief banker. During an event at the Budapest Stock Exchange, Matolcsy articulated […]

Hungary Faces Economic Headwinds as Recovery Falters

D&T
Feb 16, 2024

Hungary's economic landscape has shown signs of strain, with the last quarter's performance failing to meet analyst expectations and casting a shadow over the 2024 outlook. Despite previous rebounds, the nation's economy hit a snag, marking a concerning pause in its recovery trajectory. The Central Statistics Office (KSH) revealed a stagnant year-on-year output in the […]

Hungary's soaring budget deficit paints gloomy fiscal landscape

D&T
Jan 5, 2024

As we usher in the new year, Hungary finds itself at the crossroads of fiscal challenges and economic resilience, with the government acknowledging a significant overshooting of its budget deficit estimate for 2023. The implications of this unexpected development reverberate beyond national borders, impacting investor confidence and raising questions about the credibility of Hungary's fiscal […]

Hungarian economy expected to post weak rebound in 2024

D&T
Dec 1, 2023

While third-quarter GDP data surprised on the upside, the underlying weaknesses of the Hungarian economy will mar the 2024 economic rebound, according to a report by BMI, a Fitch Solutions company. A challenging external environment and a tight fiscal position all point in the direction of suboptimal growth next year. In the third quarter of […]

Hungary's budget deficit soars amid strained finances and EU funding suspensions

D&T
Nov 10, 2023

After experiencing a surplus in the previous month, Hungary faced a significant monthly budget deficit in October, surpassing the government's initial target and intensifying concerns about the nation's financial stability. The shortfall signals challenges for the cash-strapped Cabinet that is desperately seeking EU funds, that remain suspended by Brussels due to ongoing concerns related to […]

Hungary aims budget deficit of 2.9% of GDP next year

D&T
Nov 3, 2023

The Hungarian government has set its sights on reducing the country's budget deficit to below the European Union's threshold of 3% of GDP in the coming year. Finance Minister Mihály Varga made the announcement while presenting the 2024 budget plan to Parliament this week. As part of their strategy, the Cabinet will ease taxes on […]

EU Considers Unlocking Billions for Hungary amid Broader Negotiations

D&T
Oct 6, 2023

In a strategic move to secure Hungary's support for increased financial assistance to Ukraine and the initiation of membership talks for Kyiv, the European Union is contemplating the release of frozen funds worth billions of euros, sources within the EU have revealed. The European Commission is currently preparing to unfreeze substantial EU funds allocated to […]

Central Bank Governor's Harsh Critique of Government Policies Deepens Divide

D&T
Sep 22, 2023

National Bank of Hungary President György Matolcsy's recent scathing criticism of the government's economic policies has further revealed the growing rift between monetary authorities and the ruling administration. In a candid and sharp-tongued address delivered at a conference this week, Matolcsy accused the government of pursuing a reckless economic strategy that has led to a […]

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