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European Union

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Energy Security Biggest Challenge for Hungary’s Economic Outlook

D&T
Feb 3, 2023

Hungary’s economic competitiveness to a very large extent hinges on the government’s ability to ensure energy security for the country, according to the German Chamber of Commerce. In addition to energy costs, the security of supply is also for crucial businesses operating in Hungary. German foreign direct investment is a key engine of Hungary’s economy. […]

Hungary Faces Steep Economic Challenge in 2023

D&T
Jan 27, 2023

Hungary’s ruling Fidesz party faces probably the toughest year of its 13-year reign at the helm of the country. The economic picture is bleak and the silver lining very slim. The energy crisis engulfing Europe and Hungary, the ongoing stand-off with the EU and consequent freezing of funds, and the impact of the war in […]

Hungary Threatens Legal Action against EU over Cuts in Erasmus Funding

D&T
Jan 13, 2023

Hungary's government is ready to sue the European Commission over the latter’s decision to cut off some Hungarian universities from EU funding. The move is part of a larger EU action package aimed at forcing Hungary to remedy measures related to judiciary independence, academic freedoms, LGBT rights and the asylum system. The EU announced this […]

Hungary Proposes Pension Reform to EU as System Faces Long-Term Challenges

D&T
Dec 2, 2022

The Hungarian government has pledged to implement reforms aimed at improving the medium- and long-term budgetary sustainability and adequacy of the pension system. The move comes as part of a series of measures that Budapest is undertaking in exchange for development funds being released by the EU. The European Commission released this week its assessment […]

EU Not to Release Hungary's Funds Until Conditions Met

D&T
Nov 25, 2022

The EU Commission will propose holding back some of the EU funds earmarked for Hungary citing the Hungarian government failure to implement rule of law and anti-corruption measures. At stake are more than EUR 7 billion, cash that Hungary badly needs at a time when inflation is above 20% and the economy is forecast to […]

8th Package of EU Sanctions on Russia Endorsed

D&T
Oct 7, 2022

European Union Member States, including Hungary, have voted in favor of the next package of sanctions against Russia this week. The package includes a ban on imports of more Russian products, an extension of the list of persons subject to travel bans and asset freezes, and a price cap on oil shipments from Russia to […]

Hungary Faces EU funding Cut in Blow to Economy

D&T
Sep 22, 2022

Hungary may be the first European Union member state to see its funds frozen by the bloc over corruption concerns and repeated breaches of the rule of law. The government of Prime Minister Viktor Orbán could face the suspension of a third of Hungary’s budgetary funds if the European Commission’s proposal is accepted. The European […]

Hungarian Bread Price Increase the Highest in the EU

D&T
Sep 19, 2022

Bread prices in the EU rose by an average of 18% on an annual basis in August this year, significantly up on the 2.7% increase recorded in the same period in 2021 compared to the same period the year before, the business news site napi.hu reports based on information from Eurostat. Hungary is the absolute […]

Hungary to establish anti-graft authority in bid to unlock EU funds

D&T
Sep 9, 2022

The Hungarian government decided to set up an anti-corruption authority that will work together with non-government organizations to oversee the spending of European Union funds. The move comes as Budapest seeks to unlock billions of euros in EU development funds that Brussels suspended on claims of state-level corruption and a decline in the rule of […]

Hungary Aims for EU Deal on Funds by End of August

D&T
Aug 5, 2022

The Hungarian government is hoping to reach a deal with the European Commission to unblock billions of euros in EU funds by the end of August. The Cabinet of Prime Minister Viktor Orbán is seeking to diffuse a long-standing conflict between Budapest and Brussels over democratic standards, rule of law and corruption. Following years of […]

Digital Development: Hungary Still Lags Behind in EU

D&T
Aug 4, 2022

Hungary ranks 22nd out of the 27 EU Member States in the Digital Economy and Society Index (DESI) 2022. Over the last few years, it progressed in line with the EU, the latest DESI country report states. On Human capital, the country ranks 23rd, scoring 38 compared to the EU average of 46. 49% of […]

Hungarian Gov't Votes Against Pan-EU 15% Gas Use Cut

D&T
Jul 26, 2022

EU member countries – with Hungary being the only exception – have agreed on a gas emergency plan for this winter. The aim is to save 15% gas. However, the plan also provides for numerous exceptions. At a special meeting of the ministers responsible for energy on Tuesday in Brussels, the necessary majority for the […]

Eurobarometer: 22% of Hungarians Trust Public Media

D&T
Jul 12, 2022

Unlike Hungarians, citizens of most other EU countries consider public TV channels and radio stations to be the most credible source of news. Their main source of information is television, while in Hungary, it is social media besides TV and radio, according to a Eurobarometer survey of Europeans' media consumption habits published on Tuesday. According […]

Hungary Opens New Front in Battle with EU over Minimum Tax Rate

D&T
Jun 24, 2022

Hungary’s finance minister vetoed an EU directive on a global minimum corporate tax, leaving the outgoing French EU Presidency without its crown achievement. The move is seen as yet another front in Hungary’s standoff with the bloc. Hungarian Finance Minister Mihály Varga blocked a European Union initiative to implement a global minimum corporate tax rate […]

Hungarian Households, the 2nd Poorest in the EU

D&T
Jun 21, 2022

According to the Statistical Office of the European Union (Eurostat), Hungary is the second poorest country in the European Union. Hungarian household consumption is only 70% of the EU average – same as in Slovakia. Only Bulgaria is worse off. Eurostat notes that actual individual consumption (AIC) is a measure of material welfare of households. […]

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