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Hungarian economy

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Support for Companies Amid Energy Crisis

D&T
Sep 23, 2022

The Minister for Economic Development, Márton Nagy, outlined targeted steps to support the corporate sector threatened by the energy crisis and rising prices at AmCham Hungary's Business Forum in the Gundel restaurant in Budapest this Thursday. The manufacturing sector in Hungary, especially SMEs, are highly exposed to rising energy prices, and the energy intensity could […]

Hungary Posts Record Budget Deficit on Pre-Election Spending

D&T
Dec 10, 2021

Hungary’s November government deficit broke an all-time record, boosted by a government spending spree to win re-election next spring. Economists fear that the upcoming general election will put the much-needed fiscal consolidation on hold. Hungary recorded an unprecedented monthly budget shortfall of HUF 1,009 billion in November, according to preliminary information published by the Ministry […]

Hungary’s Economy Expected to Stage Robust Performance

D&T
Nov 5, 2021

The Hungarian economy is likely to recover from the shock of the coronavirus epidemic at a much faster pace than previously expected, according to a biannual report by the European Bank for Reconstruction and Development (EBRD). The organization raised its forecast for Hungary’s GDP growth this year to nearly 8%, which is in line with […]

Hungary’s Massive FX Debt Sale Signals EU Row May Drag On

D&T
Sep 17, 2021

Hungary raised the equivalent of EUR.4. billion in foreign-currency bonds this week in one of the largest FX debt issuance in the country’s history. The move suggests the government expects the dispute with the European Union over funding to drag on. Hungary sold USD 2.25 billion in 10-year dollar bonds, USD 2 billion in 30-year […]

Hungary’s Inflation Accelerates, Peak Expected in Fall

D&T
Sep 10, 2021

Hungary’s headline inflation picked up again in August, exceeding market expectations and bolstering the case for further interest rate increases. Analysts predict that the rate of inflation will remain above 5% in the coming months. After a remarkable slowdown in July, Hungarian inflation picked up at a quick pace in August. Consumer prices jumped an […]

Economy Rebounds from Last Year's Deep Fall

D&T
Aug 17, 2021

The gross domestic product of Hungary increased by 17.9% according to raw data and by 17.7% according to seasonally and calendar adjusted and reconciled data in the 2nd quarter of 2021 compared to the corresponding period of the previous year. Compared to the previous quarter, the economic performance rose by 2.7% according to seasonally and […]

Crisis Management Measures at the Central Bank

D&T
Jun 24, 2021

In its latest publication, the National Bank of Hungary (MNB) presented and summarized its responses with which was able to successfully handle the crisis caused by the coronavirus pandemic. Governments and central banks have responded with historical scale crisis management measures to the pandemic broke out in early 2020. The former launched a number of […]

Warning: 2022 Overspending Could Fuel Inflation

D&T
Jun 21, 2021

National Bank of Hungary (MNB) governor György Matolcsy said he believes the 5.9-percent-of-GDP deficit target in the 2022 budget is "a mistake" and could set the country up for "persistently high inflation." He wrote in an online column this Monday that "Parliament has approved the 2022 budget and its target for a 5.9-percent-of-GDP deficit. I […]

Hungary Posts Significant Budget Shortfall in May

D&T
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

D&T
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

D&T
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

D&T
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

D&T
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 […]

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