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Economy

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Hungary’s Industrial Slump Signals Slow Recession Recovery

D&T
Feb 7, 2025

Hungary’s Industrial Slump Signals Slow Recession RecoveryHungary’s economic recovery is faltering as industrial output plunged and retail sales stagnated, raising concerns over the country’s ability to rebound from recession. The forint weakened against the euro, adding further pressure to the fragile recovery. Industrial production fell by a workday-adjusted 6.4% in December compared to a year […]

Hungary’s Economy Shows Signs of Life, but Challenges Persist

D&T
Jan 31, 2025

Hungary’s economy is showing tentative signs of recovery after stagnating through much of 2024, weighed down by sluggish demand from key eurozone trading partners. Yet, the broader outlook remains lackluster. Fresh data released by the country’s statistical office this week revealed that gross domestic product (GDP) grew by 0.5% in the fourth quarter compared to […]

Demographic Shifts Threaten Global Economic Growth

D&T
Jan 24, 2025

A recent report by the McKinsey Global Institute (MGI) highlights a pressing concern: declining fertility rates and aging populations are poised to significantly impede economic growth, particularly in countries like Hungary and various emerging economies. Countries will need to raise fertility rates to avert depopulation—a societal shift without precedent in modern history. Hungary has been […]

Hungarian Inflation Surges, Breaching Central Bank Limits

D&T
Jan 17, 2025

Hungarian inflation surged in December, with rising fuel and food costs driving consumer prices beyond expectations. The increase presents challenges for monetary policy and has stoked concerns over perceived inflation, as sharp price hikes in key items weigh on household budgets. The Hungarian Central Statistical Office (HCSO) reported a 4.6% annual increase in consumer prices […]

Hungary Loses EUR 1 Billion in EU Funds Amid Rule of Law Dispute

D&T
Jan 3, 2025

Hungary has permanently lost EUR 1 billion (USD 1.03 billion) in European Union funds due to its failure to address corruption, marking an unprecedented move by EU authorities in Brussels. This decision represents the first enforcement of such measures in the bloc’s history. The European Commission announced Wednesday that Hungary had forfeited EUR 1 billion […]

Hungary Slashes Guest Worker Quota for 2025

D&T
Dec 27, 2024

Hungary’s fiercely anti-immigration government is halving the number of guest worker permits to be issued in 2025. With an aging population and a reliance on labor-heavy industries, experts worry that the country may face a critical labor shortage. "Hungary belongs to Hungarians; it will neither become a guest worker country nor a migrant country," the […]

Hungary's Next Central Bank Chief Commits to Independence

D&T
Dec 20, 2024

Hungary is setting the stage for a leadership change at the helm of its central bank, as Finance Minister Mihály Varga prepares to step into the role of governor for the National Bank of Hungary. At his parliamentary confirmation hearing, Varga struck a reassuring tone, emphasizing his commitment to the central bank’s independence and the […]

Forint Under Pressure as Moody’s Downgrade Adds to Economic Challenges

D&T
Dec 6, 2024

Hungary's currency, the forint, has faced a turbulent year, losing over 7% against the euro so far in 2024. Global financial uncertainty has turned investor attention to the country's economic vulnerabilities, forcing Hungary’s central bank to halt its monetary easing and maintain the EU’s highest borrowing cost, tied with Romania at 6.5%. The latest blow […]

Electric Vehicle Giants Set to Boost Hungary's Ailing Economy

D&T
Nov 15, 2024

Hungary's struggling economy may find relief in 2025 as automotive giants BYD and BMW prepare to launch production at their new facilities, marking a significant expansion of the country's automotive sector. Chinese Ambassador Gong Tao announced during a recent visit to Szeged that BYD's first European plant will begin manufacturing vehicles in November 2025. Meanwhile, […]

Hungary Falls into Recession Again, Economic Outlook Grows Bleaker

D&T
Oct 31, 2024

For the second time in two years, Hungary’s economy has slid into recession, as its gross domestic product (GDP) turned negative for two consecutive quarters. New data shows an unexpectedly sharp economic downturn, with Hungary returning to recessionary territory last seen during the 2022 energy crisis. Hungarian GDP fell by 0.7% in the third quarter […]

Hungary’s Economic Stagnation and Weak Forint to Halt Rate Cuts

D&T
Oct 17, 2024

Hungary's economy faces a challenging third quarter with zero growth expected and the forint at an 18-month low against the euro. This gloomy outlook could force the central bank to maintain current interest rates for an extended period. Deputy Governor Barnabás Virág of Hungary's central bank signaled a potential pause in interest-rate cuts at a […]

Hungary Resumes Monetary Easing Following Rate Cuts by Fed and ECB

D&T
Sep 26, 2024

After taking only a brief pause, the National Bank of Hungary (NBH) returned to its monetary easing path in September, cutting its key interest rate once again. The bank's latest forward guidance suggests a steady outlook on future rates, further fueling market expectations for another rate cut before the year is out. Hungary's decision to […]

Hungarian Retail Sales: A Stagnant Story

D&T
Sep 5, 2024

Retail sales in Hungary continue to disappoint, offering little cause for optimism. Since April 2024, the sector has been stuck in stagnation, with recent data providing few signs of improvement. Despite some positive indicators, the figures remain well below expectations. According to the latest data from the Hungarian Central Statistical Office, June’s weak performance was […]

Hungary Hits Pause on Rate Cuts After 15 Straight Reductions

D&T
Aug 30, 2024

Hungary’s central bank has taken a breather after a streak of 15 consecutive rate cuts, opting to leave interest rates unchanged at its latest policy meeting. However, policymakers hinted that the pause may be temporary, with room for further "cautious" rate cuts in the near future. This week, the central bank held the benchmark interest […]

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