Hungary

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

CEE Equity: RBI Cautiously Optimistic

RBI forecasts a slight increase in yields for Poland, Hungary, Russia and the Czech Republic. Austrian ATX should grow moderately in the next 12 months.

September 28, 2012

CEE Remains Europe’s Growth engine Despite Slow-Down

CEE with 2012 GDP growth of 2.4 per cent – GDP in Eurozone to shrink to minus 0.5 per cent in 2012 . In terms of reforms, CEE tops Eurozone peripherals

September 28, 2012

Czech National Bank Expects More Interest Rate Cuts

The governor of the Czech National Bank Miroslav Singer explained that the monetary easing program will continue.

September 27, 2012

Hungary: Simor Criticizes Interest Cut

The governor of Hungary´s National Bank Andras Simor warns of an increase in inflation.

September 26, 2012

Hungary „Still Obtains Funding from the Financial Market“

Vince Szalay-Bobrovniczky, the Hungarian ambassador in Vienna, emphasized that Hungary is not dependent on the IMF loan. The IMF urges Hungary to reduce its bureaucracy, he says.

September 26, 2012

MOL Announces Massive Investments in Hungary

The Hungarian oil group plans to make investments of € 1.1bn in the next three years.

September 25, 2012

Public Debt: New EU Members Are More Flexible

Compared to old EU member states, the new member states have more fiscal leeway to overcome the crisis.

September 24, 2012

Slight Decrease in Industrial Production in Hungary

In July, the industrial production was down by 0.3% compared to July 2011. In Austria, industrial production was up by 2.0%.

September 24, 2012

EU: Germany Biggest Net Payer, Poland Biggest Net Recipient

In 2011, Poland received EU-aids of € 11bn. Among the new EU members, Hungary ranks second. In terms of GDP, Hungary is the biggest beneficiary.

September 21, 2012

Hungary Revises GDP Forecasts

Initially, the Hungarian government forecasted a GDP growth rate of 0.1% this year. Now, State Secretary Gyula Pleschinger explained that Hungary´s economy will shrink this year.

September 20, 2012

Hungary: Real Income Falls Further

In the first seven months of 2012, the Hungarian real income was down by 4%.

September 19, 2012

IMF-Loan: Orban Demonstrates Optimism

According to Hungary´s Prime Minister Viktor Orban, the negotiations with IMF are proceeding on schedule.

September 18, 2012

Strong Increase in Hourly Labor Costs in Hungary and Romania

Second quarter 2012 compared with second quarter 2011: Euro area hourly labour costs rose by 1.6% and by 1.8% in EU27.

September 17, 2012

Hungary Becomes Tax Haven for Czech and Slovak Enterprises

In the last three years, the number of Czech enterprises with head office in Hungary was up by 41%.

September 15, 2012

Hungarian Central Bank Call for Growth Stimulating Measures

In August, the Hungarian Central Bank cut the base rate by 0.25 percentage points. According to the Council, growth should be supported.

September 15, 2012

Hungarian Central Bank Against Bank Taxes

According to the governor of Hungary´s Central Bank, the bank taxes are causing the lending freeze.

September 14, 2012

Infringement Proceedings Against Hungary?

The Commission of the European Union is said to start infringement proceedings against Hungary because of the introduction of financial transaction taxes.

September 13, 2012

Spar Records Losses in Hungary

The Austrian retail chain operates 400 branches in Hungary. The economic crisis caused substantial losses.

September 13, 2012

Hungary: Difficult Negotiations with IMF

The relation between Hungary´s Prime Minister and IMF is chronically tensioned. Another delay of the conclusions of the negotiations is likely.

September 12, 2012

Orban to Visit Germany

In October, Hungary´s Prime Minister will be on an official state visit in Berlin in October.

September 12, 2012

INA Underlines Interest in OMV´s Petrol Stations

The Croatian oil group wants to take over the petrol station business of Austrian OMV in Croatia and Bosnia.

September 12, 2012

Hungary: Bank Tax Intake Lower than Expected

The bank tax proceeds only reach 40% of the planned volume.

September 10, 2012

Hungary: Orban Rejects IMF´s Conditions

This week, a list containing IMF´s conditions for a € 15bn loan became public. However, it is not known whether the list is a counterfeit. Not at this price and not in this way.” Hungary´s Prime Minister Viktor Orban said.

September 8, 2012

Takeover of OMV´s Petrol Stations: INA Faces Legal Restrictions

The Austrian OMV Group plans to withdraw from Croatia and Bosnia. The Croatian subsidiary of MOL is interest in OMV´s petrol stations, but may face legal restrictions from a competition law point of view.

September 7, 2012

IMF: List of Demands against Hungary Became Public

The list contains demands of the IMF against Hungary and is the precondition for the safety loan of € 20bn. However, the list could be a counterfeit.

September 7, 2012

New Airline for Hungary?

After the insolvency of Malev in March 2012, the Hungarian government is said to promote a new airline.

September 6, 2012
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