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Economy

Hungary real wages grow markedly in January

Ex-bonus wages in Hungary’s private sector grew by 4.7% year on year in January 2010, correcting back from a record low recorded in December 2009, the Central Statistics Office (KSH) has reported on Friday. Real wages in the national economy were up 6.1% yr/yr, against a 3.0% decline in the preceding month.... 

There are risks to Hungary's 2010 budget - FinMin

Hungary’s deficit target set for 2010 is achievable and the Finance Ministry is not considering... 

Hungary c.bank starts primary market purchases of mortgage bonds

Under the mortgage bond purchase programme announced by the Monetary Council of Hungary’s central... 

Hungary budget gap to reach full-year goal by end-April, Fidesz says, MoF denies

Hungary’s budget deficit is expected to reach the full-year target by the end of April, said Mihály... 

Hungary c.banker on forint strengthening: rate cuts can go on, analysts concur

Hungary's central bank (NBH) has room to lower its key policy rate further given the country's improved... 

Hungary's rate of employment dramatically low compared to EU, OECD and even global peers

Hungary’s rate of employment is the third-smallest in countries with a population of ten million... 

Hungary Pannon rebrands under parent Telenor banner

Press reports about Hungary’s second-largest mobile carrier Pannon taking up the name of its parent... 

Hungary, Portugal taken to court by EU in VAT cases

The European Commission has decided to refer a case concerning the VAT flat rate scheme for farmers in... 

EU takes action against Hungary, Spain to ensure compliance with public procurement rules

The European Commission has announced on Thursday that Hungary and Spain will receive formal requests... 

Hypo Alpe Adria plays down eastern European divestment news as rumour

Hypo Group Alpe Adria (HGAA) has not made a decision to divest its eastern European units and any other... 

Hungary construction sector still faint, but may be on the mend

Hungary's construction industry output contracted by 13.5% year on year in January, according to both... 

Hungary Pannon to take name of parent Telenor

Hungarian mobile carrier Pannon, a unit of Norway’s Telenor will be renamed Telenor, local newswire... 

Hungarian railway company MÁV short of HUF 63.5 bn funds in 2010 - paper

Hungary’s state-owned railway company MÁV will need extra funds of HUF 63.5 billion (EUR 241.65... 

Budapest traders see “banks buying good ol'forint wholesale" - Way to go?

FX traders in Budapest who have spoken with Portfolio.hu are generally of the opinion that foreign investors... 

Hungarian forint headed towards 260 in relentless surge (3)

The spectacular ascent of the Hungarian forint held out all day long on Wednesday, hitting a 15-month... 

Cenbanker Simor's days are counted, Hungarian weekly claims (2)

Once it forms a government, Fidesz is planning to amend Hungary’s National Bank Act, weekly Figyelő... 

Hungary FinMin Oszkó: “New govt may be justified in reviewing deficit target" (2)

Provided that the new government continues the stringent fiscal policy of the current administration... 

Hungary February rate cut endorsed by 2/3 majority (2)

Two members of Hungary’s Monetary Council were in favour of a 50 bp rate cut while Deputy Governor... 

ANALYST VIEW - Unpredictability of Fidesz-led govt greatest risk for Hungary (Commerzbank)

Hungary’s large external debt and ongoing fiscal consolidation measures have left the country susceptible... 

Unlike V4 peers, Hungary ranked among “also-rans" by Business Europe (2)

With economic performance below average compared with other EU countries, Hungary is the only country... 

Views and Interviews

Read between the lines of Hungary's election promises - A civilian "lie detector"

Hungarian economists have launched an independent civilian initiative to see what the sometimes cloudy, boisterous, humbug or downright ridiculous promises... 

PwC Alert - Hungary amends Labour Code

On 1 February 2010, certain amendments to the Labour Code came into force, while other amendments will take effect from 1 May 2010. In its latest Tax &... 

Super grossing rules come into effect in Hungary's personal income taxation

According to the tax law modifications previously accepted by Hungary’s Parliament, the practice of tax base supplementing was introduced in personal... 
GDP
IP
U-rate
Retail
CPI
Trade
GDP growth (yr/yr, adjusted for calendar impact) 09Q4 -4.1 %
GDP growth (yr/yr, adjusted for calendar impact)
C/A
Budget gap
Base rate
Int. rate on fixed depos.
HUF cons. credit
HUF corp. loan
Current account balance (m EUR) 09Q3 697.9 m euró
Current account balance (m EUR)
Macro Snapshot
General government balance (monthly, bn HUF)10-01+31.3 mrd Ft
Current account balance (m EUR)09Q3697.9 m euró
Interest rate on forint-based consumer credit (APR)09-1125.5 %
GDP growth (yr/yr, adjusted for calendar impact)09Q4-4.1 %
Inflation (annual consumer price index)10-016.4 %
Infláció (medium-term target)08-083.0 %
Industrial production (working day adjusted, yr/yr)10-01+5.7 %
Benchmark interest rate10-025.75 %
Retail sales (yr/yr, adjusted for calendar impact)09-11-7.8 %
Foreign trade balance (m EUR)09-12+375.4 m euró
Interest rate on fixed HUF deposits (within 12 months, annualised)09-117.2 %
Unemployment rate (average of 3 months before publication)10-0110.8 %
Corporate forint lending rate - short term09-1110.33 %
Commentary

INSTANT VIEW - Hungary's c.bank cuts base rate to historic low (5)

(Adds comment by Capital Economics, Goldman Sachs, Wood & Co. on page 4) Hungary’s central bank... 

ANALYST VIEW - Goldman Sachs sees no dramatic forint easing in 2010

Goldman Sachs has revised its forecast on the Hungarian forint, expecting it to be weaker in three months... 

PwC Alert - Hungary to change local business tax obligations from 1 January 2010

In the business years from 2010, tasks related to local business tax in Hungary will fall within the...