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Hungarian economy

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Hungary Posts Significant Budget Shortfall in May

Jun 11, 2021

Despite lifting many of the pandemic-related restrictions, Hungary’s central budget posted a significant shortfall in May. Expenditures are mounting on a new set of measures to re-start the economy. In May, the central budget booked a deficit of HUF 269 billion, pushing the shortfall in the first 5 months of the year to HUF -1,312.6 […]

Hungarian GDP Down by 2.1% Year-On-Year

Jun 1, 2021

The volume of gross domestic product lessened by 2.1% in Hungary in the first quarter of 2021 compared to the corresponding period of the previous year, the country's Central statistical Office reports. According to seasonally and calendar adjusted and reconciled data, the performance of the economy became 2.0% higher than in the previous quarter and 1.6% […]

Hungarian as a Brand

Sándor Laczkó
Apr 7, 2021

Companies and brands like Tungsram, MOL or OTP have long been known internationally. As to how much these and other similar firms have enhanced the image of the ‘Hungarian’ brand, Diplomacy&Trade talks to the State Secretary for Financial Affairs at the Hungarian Ministry of Finance, Gábor Gion who also shares his thoughts on the Hungarian […]

Hitting Rock Bottom

Mar 12, 2021

Few business sectors have been as hard hit globally by the coronavirus pandemic as tourism and Hungary is no exception to this sad reality. As tourism-related revenues have fallen off a cliff and government aid has been all but a trickle, the sector is struggling for survival. In the decade leading up to 2020, Hungary’s […]

Double Dip Avoided

Feb 19, 2021

Defying all expectations, the Hungarian economy expanded in the fourth quarter of 2020. This gives a significant boost to the 2021 outlook. Expectations had not been particularly high for fourth-quarter economic activity in 2020. Nevertheless, Prime Minister Viktor Orbán suggested the economy probably contracted by 5.1% to 5.2% in 2020 as a whole, meaning borderline […]

Hungary’s Central Bank Strikes Optimistic Note

Feb 12, 2021

Last year, the Hungarian economy probably contracted by as much as 5.5% due to the coronavirus crisis, but GDP growth in 2021 may approach 6%, according to a recently published assessment by the National Bank of Hungary. The central bank identified the areas where the Hungarian economy performed well during the crisis and highlighted 8 […]

Return to Normalcy?

Feb 5, 2021

As the economic malaise brought about by the pandemic is expected to stay with us in the first half of 2021, the property market will continue to be affected but a slow recovery may be in the cards. Analyses published recently by the Central Statistical Office, Takarékbank and real estate experts at Duna House project […]

In High Demand

Jan 22, 2021

Local demand for IT professionals has doubled over the past five years with employers seeking to hire as many as 44,000 digital professionals in the medium term, according to a recent study. However, the increasing shortage of computer scientists is set to leave many IT-reliant enterprises scrambling to meet their business objectives. A recently published […]

Investments Decreasing in Hungary

Nov 26, 2020

In the 3rd quarter of 2020, investments in Hungary decreased by 12% compared to the same period of the previous year and by 2.1% in comparison with the previous quarter. Based on raw data published by the Central Statistical Office, investments declined in most sections, however in relation with the pandemic situation in healthcare they […]

Forint Set to Breach All Time Record Against Euro

Sep 25, 2020

The Hungarian currency has been on a weakening path for the past weeks and is trading dangerously close to its weakest ever against the euro, seen in April this year. In addition to unfavorable international sentiment, local supporting factors have also vanished and analysts argue that the forint may set new negative records in the […]

Inflation Rate Continues to Grow in Hungary

Sep 24, 2020

Following an EU record 3.8% annual inflation rate in July, this figure rose to 3.9% year on year in August, primarily reflecting increases in the prices of fuel and industrial goods due in part to base effects. A report published this Friday by the National Bank of Hungary (MNB) is of the view that supply-demand […]

Protracted Gloom?

Sep 18, 2020

The second wave of the coronavirus epidemic is proving optimists wrong. The increasing number of infections recorded over the past weeks is a somber realization that the virus is back with a vengeance and there is an increasing chorus of economic analysts predicting an economic crisis that may last for years. For many people life […]

In the Grip of the Second Wave

Sep 11, 2020

With the number of daily coronavirus infections reaching record highs, it is no longer a question whether Hungary is now in the midst of the second wave of the coronavirus epidemic. Although the border closure was a drastic step, it is evident that the government is working to avoid strict measures in order to shield […]

Industrial Production Falls by 8,1%

Sep 4, 2020

In July 2020, the volume of industrial production in Hungary declined by 8.1% year-on-year. The degree of fall was 28.8% lesser than the nadir of April. Based on working-day adjusted data, production dropped by 7.7%. The effects of the altered economic processes, caused by the coronavirus epidemic, were still perceptible in this period, the Central […]

Forint Weakens to 5-Month Low

Sep 3, 2020

Hungary’s forint weakened to levels last seen in April as international currency market movements coupled with a record number in COVID-19 infections in Hungary put the forint under pressure. Could a weaker forint be here to stay in the longer run? The Hungarian forint fell to its weakest level since late April on Wednesday, moving […]

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