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Hungary in Austria | Hungarians in Vienna | Bilateral Relations
Austria and Hungary - Read the latest headlines about bilateral relations in the areas of economy, business, investment, diplomacy, culture and tourism
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Hungary: Small Concession for Banking Industry
The banking sector in Hungary is under pressure. The government in Budapest decided to pay back debts of municipalities by the end of the year.
November 24, 2012
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S&P Downgrades Hungary
The U.S. rating agency lowers Hungary´s sovereign debt rating from “BB+” to “BB”.
November 23, 2012
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OMV to Expand Production
Until 2016, the Austrian gas and oil group intends to enhance the daily production up to 350,000 barrels.
November 22, 2012
RBI Threatens to Leave Hungary
The Austrian Raiffeisen Bank International criticizes the burden for the banking sector in Hungary.
November 22, 2012
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Hungary: Real Wages Decline Remarkably
In 2012, real wages went down by 5.3%. This is mainly due to the persistently high inflation rate (6.6%).
November 22, 2012
Hungary: Public Debt Level Declines
Due to the favorable currency development, the public debt level fell slightly.
November 20, 2012
Hungarian Construction Industry Performs Well
In September 2012, construction increased by 6.8% in output year-on-year. The construction of buildings rose by 4.2% and that of civil engineering works grew by 9.4%.
November 20, 2012
Hungary: Gross Earnings Grow Moderately
In the national economy – at corporations employing at least 5 persons, budgetary and designated non-profit institutions – average gross earnings increased by 4.5%.
November 20, 2012
EU Budget: Losses for Poland Will Keep Within Limits
Poland will still be the biggest net contributor. According to Poland´s Prime Minister Donald Tusk, the negotiations prove highly difficult.
November 17, 2012
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Hungary: Next Austerity Package Resolved
The Hungarian government is caught between the need to lower the budget deficit and to support economic growth.
November 17, 2012
Hungary: Decrease in Industrial Production Continues
In September 2012, industrial gross output declined by 3.8% in volume compared to the same month of 2011.
November 16, 2012
Hungary´s Recession Goes On
In the third quarter of 2012, Hungary´s GDP was down by 1.5%.
November 15, 2012
Immofinanz: Major Success in Hungary
The Austrian real estate company concludes one of the biggest logistics leasing transactions of the year in Hungary.
November 15, 2012
CESEE: Massive Capital Outflow
In the second half of 2011 and in the first half of 2012, foreign banks withdrew about € 55bn from the region.
November 14, 2012
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Hungary: Inflation Remains on a High Level
In October consumer prices increased by 6.0% compared to October 2011. From September to October 2012, prices were up by 0.1%
November 13, 2012
Hungary: Head of Banking Association Resigns
The chairman of the Hungarian Banking Association Mihaly Patai steps down. He explains that the Hungarian state overburdens the banking sector.
November 13, 2012
South Stream Pipeline: Construction Works to Begin in December
The pipeline projects of Russia´s gas group Gazprom makes substantial progress. Europe´s dependence on Russia is growing further.
November 12, 2012
CESEE: Lending Shrinks
Foreign banks reduce lending in Central, Eastern and Southeastern Europe. Hungary and Southeastern Europe are most affected.
November 12, 2012
Hungary´s Budget Deficit Below 3.0%
The EU Commission estimates that Hungary´s budget deficit will comply with the Maastricht Criteria in 2012 and 2013. However, the deficit may exceed the 3.0% threshold in 2014.
November 8, 2012
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Hungary: Foreign Trade Declines
External trade in goods, preliminary results, January–September 2012: Balance of external trade shows surplus of HUF 211 billion.
November 8, 2012
CEE Deleveraging Remains Moderate
Austrian, German and Italian banks kept lending to CEE6 (except Hungary) relatively stable. Shifts in foreign capital structure and allocation from private to public sector might pose risks to future growth.
November 8, 2012
Consumer Confidence Declining
In Hungary and Bulgaria, the economic sentiment is declining.
November 6, 2012
Croatia Does not Participate in South Stream Pipeline
The Russian gas pipeline South Stream will not run across Croatia. Initially, Croatia was viewed as transit country.
November 5, 2012
Hungary: New Threats for Banks
The Hungarian government plans to take over debts from small municipalities. Banks fear that the Hungarian state demands a debt relief.
November 5, 2012
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Hungary: Decrease in Home Construction
In the first nine months of 2012, 6509 new dwellings were built, 20 percent fewer than a year ago.
November 5, 2012
South Stream Pipeline: Gazprom Concludes Contract with Hungary
The Russian energy group Gazprom has negotiated the last conditions of the contract with Serbia and Hungary.
November 2, 2012
Hungary: Export volume grew by 1.7% in August
In August, the export volume grew by 1.7% and the import volume decreased by 0.3% compared to the base level. The exports of machinery and transport equipment decreased by 3.2%.
October 31, 2012
Hungary Cuts Interest Rates Again
The Council of Hungarian National Bank, which is dominated by representatives of the Hungarian government decided to cut the base rate from 6.50% to 6.25%.
October 31, 2012
Purchasing Power: Austria Ranks 6
Regarding the purchasing power per head, Austria is significantly above the European average of € 12,802.
October 31, 2012
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EU Budget Cuts would Affect Poland
In the last six years, Poland benefitted substantially from EU funds. A cut of € 23bn is being discussed.
October 30, 2012
Hungary: Employment on the Rise
80 thousand more people in work in the third quarter than a year ago.
October 30, 2012
Erste Group´s Earnings Expected to Increase
The Austrian banking group will present its figures for the third quarter tomorrow. Net income is forecasted to improve.
October 29, 2012
Donau Chemie Starts Expansion in Hungary
The Austrian chemical group invests € 6.5m in a new factory in Eastern Hungary.
October 29, 2012
Bawag: Hungarian Exposure Shrinks
The Austrian bank gradually withdraws from Hungary. The stake in MKB Bank becomes smaller.
October 23, 2012
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Hungary Does not Exclude to Increase Bank Tax
Prime Minister Orban refers to the pressure coming from Brussels. Hungary must reduce the budget deficit below 3.0% of GDP.
October 20, 2012
Fekter Interested in Hungary´s Bank Taxation Plans
The Austrian Minister of Finance wants to analyse the taxation plans of the Hungarian government thoroughly. The bank taxes would be “highly interesting”, Fekter says.
October 19, 2012
RBI: We Will Not Leave Hungary
Herbert Stepic, CEO of Austrian RBI (Raiffeisen Bank International) is highly dissatisfied with Hungary´s decision not to reduce bank taxes. However, RBI will stay, he says.
October 18, 2012 · Updated: October 18, 2012; 17:08
Hungary: Gross Earnings Growing
In the national economy – at corporations employing at least 5 persons, budgetary and designated non-profit institutions – average gross earnings increased by 4.7%.
October 18, 2012
Hungarian Tax Plans: Austrian Banks Annoyed
Because of the pressing need to reduce the budget deficit, Hungary´s government decided not to lower the bank tax. Moreover, the financial transaction tax will be doubled.
October 18, 2012
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Hungary Doubles Financial Transaction Tax
The Hungarian Minister of Economics Gyorgy Matolcsy announced that the financial transaction tax will be increased to 0.2%. Moreover, the bank taxes will not be reduced.
October 17, 2012
Hungary Reaffirms Not to Enter Eurozone
After the meeting with Germany´s Chancellor Angela Merkel, Hungary´s Prime Minister Viktor Orban explained that the euro must offer a perspective again.
October 16, 2012
Hungary Wants Foreign Land Owners to Leave
The Hungarian Prime Minister Viktor Orban wants to bring back “stolen land”.
October 15, 2012
Hungarian Construction Industry Shrinks
In August 2012, construction decreased by 5.3% in output year-on-year. The construction of buildings decreased by one tenth, while that of civil engineering works grew slightly.
October 15, 2012
Orban Blames EU for Austerity Cuts
The Hungarian Prime Minister Viktor Orban explains that Hungary has no other choice but to deepen the austerity cuts.
October 13, 2012
Hungary: Industrial Production Declines Slightly
In August 2012, industrial gross output declined by 0.8% compared to the same month of 2011.
October 12, 2012
Stepic: “Must Reduce Lending in CESEE”
The CEO of Austrian RBI (Raiffeisen Bank International) Herbert Stepic explains that new lending in Eastern Europe must be reduced substantially.
October 11, 2012
S&P: Eastern Subsidiaries of Austrian Banks Most Become More Independent
The U.S. rating agency criticizes that Austrian banks are still weakly capitalized. The economic crisis caused a massive withdrawal of funds in Eastern Europe, S&P says.
October 11, 2012
Orban Rejects Joining Eurozone
The Hungarian Prime Minister Viktor Orban thinks that the introduction of the euro in Hungary would be “irresponsible”.
October 10, 2012
Small Growth in Hungarian Foreign Trade
From January to August 2012, the Hungarian export value rose by 2%.
October 9, 2012
Hungarians Highly Dissatisfied with Economic Situation
According to a survey of the opinion research institute, 46% of the interviewees view their situation as “bad”.
October 9, 2012
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