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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
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
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
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
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
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
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
Hungary Not A focus of commercial Real Estate Investors
The risk appetite of real estate investors is still subdued. Hungary’s default risk remains relatively high.
October 9, 2012
Erste Group to Sell Ukrainian Subsidiary
This year, the Austrian bank plans to sell its Ukrainian business segment. Erste Group entered the Ukraine in 2006.
October 8, 2012
Hungarian Retail Sector Struggling on Several Fronts
The recession in Hungary is also affecting the Hungarian retail sector. A weak labour market combined with declining purchasing power is dampening consumer spending, a development which is reflected in weak retail sales.
October 8, 2012
Hungary: Residential Housing Market at a Standstill
According to Bank Austria, the Hungarian housing market has reached a historic low.
October 8, 2012
Hungary: Vacancy Rates in Office Market Remain High
Despite record low in new building activity, the Hungarian office market proves stable.
October 6, 2012
Hungarian Economy Still Shows Weakness
The country´s economic growth remains low, public debt leaves no leeway for fiscal policies. A high level of foreign debt remains a significant weakness of the Hungarian economy.
October 6, 2012
New Austerity Package in Hungary
In order to cut the budget defict below 3.0% of GDP in 2013, the Hungarian government plans further cuts and tax increases.
October 5, 2012
CEE Countries Must Work Upon Economic Convergence
CEE countries are struggling with weaker external demand and uncertain consumers, whereas in most cases fiscal policy is under control. Labour productivity, costs and competitiveness of CEE region give reason for optimism.
October 5, 2012
Hungary Must Lower Budget Deficit
The Hungarian National Bank puts pressure on the government to lower the budget deficit. By contrast, the government has widened the budget target to 2.8% instead.
October 4, 2012
Nine Prime Minister Discuss EU Budget in Bratislava
The Prime Ministers of nine countries of Central and Eastern Europe will meet in the Slovak capital on October 5.
October 3, 2012
Hungarian Budget Deficit Growing Quickly
According to preliminary data the deficit of the general government sector in the first half of 2012 was HUF 393 billion, 2.8% of GDP. Although the deficit is smaller than last year, the 2012 target will not be met.
October 2, 2012
Hungarian Unemployment Quota Down
In June–August 2012, the number of unemployed people was 456 thousand resulting in an unemployment rate of 10.4%.
October 1, 2012
RBI: Poland Shows Stability
In Poland, Raiffeisen Bank International´s NPL ratio comes at 8%. By contrast, Ukraine and Poland are much more problematic.
October 1, 2012
Raiffeisen: CEE Network to be Closed
Austrian RBI (Raiffeisen Bank International) announces that the expansion in Central and Eastern Europe will be concluded soon.
October 1, 2012
Hungary: Budget Targets Endangered to Fail
In August, Hungary´s budget deficit has almost reached the full year´s level. Analysts doubt whether Hungary may achieve a 2.5% budget deficit this year.
October 1, 2012
Hungary Prohibits Slot Machines
According to Hungary´s Prime Minister Viktor Orban, the national security would be endangered.
October 1, 2012
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