Hungary

Hungary: Small Decrease of Investments

In quarter 3 of 2012 the volume of investments in the national economy was 2.1% lower than one year before.

November 29, 2012

Hungary: Unemployment Remains Stable

In August–October 2012, the official number of unemployed people was 463 thousand resulting in an unemployment rate of 10.5%.

November 28, 2012

CESEE: Russia Has Best Growth Prospects

Next year, Russia is expected to record a GDP growth rate of 3.8%, Vienna Institute of International Economic Studies (wiiw) says.

November 26, 2012

CESEE: Eurozone crisis and Austerity Push Half of the Region into Recession

Export weakness and suppressed domestic demand will push nearly half of the CESEE region into recession this year, including the Czech Republic, Hungary, Slovenia, and nearly all Western Balkan countries.

November 26, 2012

Hungary: Retail Trade Sector Shrinks

Due to the declining real income, sales in the retail trade industry fell by 3.9% compared to 2011.

November 26, 2012

More Hungarians Leave their Country

Especially high-skilled Hungarians tend to emigrate. The labor market conditions in Hungary are often precarious.

November 24, 2012

CESEE: Foreign Trade With Austria Booms

This year, Austrian exports to countries in Central, Eastern and Southeastern Europe are growing substantially.

November 24, 2012

EBRD: CESEE Countries Must Improve Legal Security

The European Bank for Reconstruction and Development underlines that banks need more stable legal systems in Eastern Europe.

November 24, 2012

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

S&P Downgrades Hungary

The U.S. rating agency lowers Hungary´s sovereign debt rating from “BB+” to “BB”.

November 23, 2012

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

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

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

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

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
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