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Hungary

Hungary: Gross Earnings Increased Marginally

In the national economy – at corporations employing at least 5 persons, budgetary and designated non-profit institutions – average gross earnings increased by 2.5%, while net earnings excluding family tax benefits grew by 3.9% compared to 2011.

March 21, 2013

Hungary: Personnel Purge at MNB

New govenor of the Hungarian Central Bank (MNB) György Matolcsy continues his purge.

March 20, 2013

Hungary: Dissatisfaction Towards Government Grows

Right-wing leader Viktor Orban has been in parliament for almost three years. But the promised reforms and changes to improve the economic situation came to nothing. Protests are arising.

March 18, 2013

Hungary: Construction Industry Suffers From Decline

Year-on-year, construction output decreased by 4.1% in January 2013 according to both unadjusted and working day adjusted indices. Output went down by a seasonally adjusted 1.5% month-on-month.

March 18, 2013

Hungary: New Interest Rate Cuts Ahead

Since the beginning of March, Hungary´s National Bank MNB has a new governor. The government wants MNB to lower the base rate further.

March 16, 2013

Spindelegger Criticizes Orban Sharply

Austria´s Vice Chancellor and Foreign Minister Michael Spindelegger wants Hungary to “return to the European legal basis”.

March 16, 2013

Hungary: Orban Rejects Criticisms

After making amendments to the Hungarian constitution, Prime Minister Viktor Orban and his leading Fidezs party have to face harsh criticisms. EU Justice Commissoner Viviane Reding announced to take measures.

March 15, 2013

Hungary: Number of Emigrants to Austria Increases

More and more Hungarians emigrate to Austria due to economic and political reason.

March 14, 2013

Hungary: Industrial Production Continues to Shrink

In January 2013, industrial gross output was down by 1.4% year-on-year.

March 14, 2013

Austrian Banks to Stay in Hungary

In the coming years, foreign banks will face a difficult market environment in Hungary. Nevertheless, Austrian banks want to maintain their position.

March 14, 2013

Orban Wants to Strengthen Hungarian Banks

According to Hungary´s Prime Minister Viktor Orban, the high share of foreign banks is “unhealthy”.

March 13, 2013

Hungary: Constitutional Amendmends Signed By Vast Majority

EU Commission fears that Hungary’s state institutions will have to experience major restrictions.

March 12, 2013

Hungary: Former President Urges Successor to Veto

Former President Lazlo Solyom warns his follower, President Janos Ader,in a dramatic speech of the end of checks and balances in Hungary’s political system.

March 11, 2013

Hungary: Demonstrations in Budapest

Protests against the planned constitutional amendmends took place on Saturday, March 9. US and EU express their concern about the political developments.

March 9, 2013

Hungary: Austrian Farmers on the Verge of Dispossession

A new regulation should help Hungarians prevent from "greedy speculators".

March 8, 2013

Hungary: GDP Fell by 2.7%

The gross domestic product of Hungary decreased by 2.7% in the fourth quarter of 2012 compared to the corresponding period of the previous year.

March 8, 2013

Hungary: OTP’s Profits Lower Than Expected for Q4

OTP said it had to recover from losses from previous year. Income in the core domestic business fell 17 % to HUF 94.6 bn in 2012. Still, net profits are up 46 %.

March 8, 2013

Czech Republic: Erste Group Cutting More Jobs

Because Erste Group has to save CZK 1bn (€ 39m) this year, economy measures need to be taken.

March 8, 2013

Recession in Euro-Area Still Affects CESEE Countries

According to the Vienna Institute For International Economic Studies (wiiw), the double-dip recession over, yet there is no economic growht in sight for CESEE countries.

March 7, 2013

Hungary: Industrial Production Continues Decreasing

According to preliminary data, the Hungarian industrial production decreased by 1.4% in January.

March 7, 2013

Hungary: Incoming National Economy Minister Summarizes Targets

Succeeding Minister of National Economy Mihály Varga outlined economic policy cornerstones

March 7, 2013

Hungary: Expropriation of Foreign Farmers

Prime Minister Viktor Orbán announced further steps and plans the dispossession of foreign investors.

March 7, 2013

Bulgaria: Still Fighting Minimal Growth and Weak Economy

The Balkan country has the lowest living standards in the EU and the population’s frustration over its failure to improve the economic situation led to mass protests.

March 6, 2013

Hungary: Highest Loss in Real Wages in Five Years

Gross salaries increased 4.6 % while net income only saw moderate rise at 2 % in 2012.

March 6, 2013

Hungary: GKI Forecasts Budget Deficit of HUF 200 bn

The Hungarian government is in complete opposite to GKI’s statement: forecasts economic growth of 1 % and does not see any concerns.

March 5, 2013

Hungary: Percentage of Foreign Direct Investments in Decline

Foreign Direct Investments in 2012 was 5.2 % less than in 2011. According to the statistical central office in Hungary (KSH), the drop in the last quarter showed even -7.9 %. Massive declines in almost all sectors.

March 4, 2013

Hungary: Foreign Trade Falls Substantially

External trade showed a surplus of nearly EUR 7 billion in 2012.

March 4, 2013

Does the Hungarian Telecommunication Sector Face Nationalizations?

According to rumors, Hungary´s government plans to nationalize the Hungarian subsidiary of the telecommunication operator Vodafone.

March 2, 2013

Hungary: Matolcsy Becomes New Central Bank Governor

Prime Minister Orbán nominated the former National Economy Minister as the new governor of the MNB (National Bank of Hungary). Experts are concerned about the stability of the Forinth.

March 1, 2013

Hungary: Rise in Investments in Manufactury Industry

Yet investments in the national economy in general dropped by 7.9 % compared to the last quarter of 2011.

March 1, 2013

Hungary: Significant Drop in Retail Sales

Sales are falling particularly in food, drinks, tobacco, petrol, books and computer equipment.

March 1, 2013

Hungary Enlarges Railway Network

State Secretary on Foreign Relations Peter Szijjarto announced that MAV (Hungarian Railways) starts its biggest investment program since WWII.

February 28, 2013

Hungary: Investments Continue Decreasing

In 2012 the volume of investments in the national economy was 5.2% lower than in the previous year.

February 28, 2013

Hungary: Employment Moves Upwards

In November 2012–January 2013, the number of employed people was 3,855 thousand, 39 thousand more than a year ago.

February 27, 2013

Austrian Railways Achieved Net Profit Last Year

For the first time for decades, Austrian railways (ÖBB) could generate profits after taxes.

February 26, 2013

Hungary Cuts Interest Rate

Due to the economic crisis, Hungary´s National Bank (MNB) has lowered the interest rate from 5.50% to 5.25%.

February 26, 2013

Hungary: Unemployment Rate Unchanged

In November 2012–January 2013, the number of unemployed people was 486 thousand, the unemployment rate was 11.2%.

February 26, 2013

Hungary: Further Decline in Volume of Sales in Retail Trade

The volume of retail sales decreased by 2.1% in December and by 1.9% in the whole year compared with the previous period.

February 25, 2013

Austria: Agrana Looking for New Market Shares in CEE and CESEE

CEO explains why Croatia and Serbia might be interesting settings

February 25, 2013 · Updated: February 25, 2013; 18:53

Austria Become Second Most Important Trading Partner for Hungary

Last year, only the foreign trade volume between Hungary and Germany was higher. Peter Szijjarto, spokesman of Prime Minister Viktor Orban´s party Fidesz says.

February 23, 2013

Hungary: Government Demonstrates Optimism

Peter Szijjarto, spokesman of Prime Minister Viktor Orban´s party Fidesz, believes that Hungary´s economy will perform well this year.

February 23, 2013

“No further tightening of corporate credit conditions”

The Hungarian National Bank has today published the results of its latest lending survey. The survey conducted in January 2013 found that credit conditions for non-financial corporations had not been tightened further.

February 22, 2013

Hungary: Sharp Decline in Dwelling Construction

In 2012, 10560 new dwellings were built, 17 percent fewer than in the previous year. The number of dwelling construction permits was 10600, a 15 percent decline compared to the data of 2011.

February 22, 2013

Poland: Rostowski Wants to Cut the Interest Rates

According to Poland´s Minister of Finance Jacek Rostowski, the real interest rates are still too high. Rostowski wants to boost economic growth.

February 21, 2013

Hungary: Nominal Earnings Grew By 4.6%

In the national economy – at corporations employing at least 5 persons, budgetary and designated non-profit institutions – average gross earnings increased by 4.6%.

February 21, 2013

CESEE: Stress of Competition is Growing

CEE significantly more industrialized than euro area (30% vs. 19%) but still needs to catch up in terms of competitiveness.

February 20, 2013

Hungary: Hope for Soon Economic Recovery Vanishes

In the last quarter of 2012, Hungary´s GDP was down by 2.7% compared to the reference period of 2011.

February 19, 2013

Hungary´s Construction Output Falls by 6%

Year-on-year, construction output decreased by 5.9% in 2012 and by 3.1% in December. Over the whole year, both the construction of buildings (7.6%) and civil engineering works (4.0%) decreased.

February 15, 2013

Economic Growth: Baltic Countries Ahead

Euro area GDP down by 0.6% and EU27 down by 0.5%. The CESEE countries show mixed results. Lithuania, Estonia and Latvia have performed best in 2012.

February 14, 2013

Hungary: Industrial Production Shrinks Considerably

In December 2012, industrial output was 7.6% lower than a year ago.

February 14, 2013