business trends
March 11, 2010, 09:34 CET
Outlook of big companies worsens slightly in February, research shows
The outlook of Hungary's biggest companies worsened slightly in February, while that of SMEs continued to improved, the latest measure of confidence by economic research institute Ecostat shows. Ecostat's TOP-100 measure of confidence at the country's biggest hundred companies fell... [read complete entry]
March 09, 2010, 09:36 CET
Otthon Centrum sees Hungary housing market growing 5% in 2010
Otthon Centrum expects Hungary's home market to grow around 5pc in 2010 after bottoming out in 2009, but it sees home prices stagnating, the real estate broker told MTI on Monday. The number of building permits issued for homes plunged... [read complete entry]
March 09, 2010, 09:33 CET
Survey finds your late-paying Hungarian customers are just stringing you along
According to a survey made by the Hungarian unit of French credit insurance company Coface summarized on index.hu, only 50% of local companies currently holding back on paying their creditors are actually unable to pay because of financial distress. The... [read complete entry]
March 09, 2010, 09:30 CET
You chance to tell the world how much doing business in Hungary stinks
Via our friends at the British Chamber of Commerce in Hungary we found this link to an interesting and probably very worthwhile survey on economic and business climate conditions in the region by a group of German chambers. It's a... [read complete entry]
March 05, 2010, 09:51 CET
Rise in construction firm failures seen helping "cleansing" of sector
The number of forcibly liquidated companies in Hungary's construction sector is continuing to rise this year, according to information provider Opten. The numbers of such closed down enterprises in 2008 was 4,436, while it rose to 5,307 in the next... [read complete entry]
March 05, 2010, 09:44 CET
Hungarian IT industry struggles from "overcentralized" market
Among Hungarian IT firms, a full 60% are located in Budapest, while the remaining companies suffer from the overcentralization of activity in the capital, piacesprofit.hu writes. Several large companies located in the countryside have been forced to open expensive branch... [read complete entry]
March 05, 2010, 09:42 CET
T-Mobile, Ericsson test new mobile net
T-Mobile and Ericsson are examining cutting edge mobile internet networks in practice, the two companies announced. The companies joined forces to establish the technology in Budapest last year. Long Term Evolution technology allows users to download multimedia content up to... [read complete entry]
March 04, 2010, 10:11 CET
More companies go under liquidation in February
Mandatory and voluntary liquidation procedures were started against more companies in February compared to the same month a year earlier, while the number of newly established companies fell, company information provider Opten told MTI on Wednesday. The number of mandatory... [read complete entry]
February 18, 2010, 10:30 CET
Hungary broadband ADSL, cable subscription number rises 230,000 in 2009
The number of broadband ADSL and cable subscriptions rose 230,000 or 15pc in Hungary in 2009, the National Communications Authority (NHH) said on Wednesday. The number of broadband ADSL and cable subscriptions grew 25,000 in December, totalling 1.742m at the... [read complete entry]
February 18, 2010, 10:26 CET
Hungary active mobile subscription number grows 19,000 in January
The number of active mobile subscriptions in Hungary grew 19,000 to 10.95m and the total number of mobile phone subscriptions rose 42,000 to 11.834m in January, the National Communications Authority (NHH) reported on Wednesday. The number of mobile phone subscriptions... [read complete entry]
February 17, 2010, 10:36 CET
Controls placed on Hungarian Electricity Works' choice of business partners
A extraordinary shareholders meeting of the state-owned Hungarian Electricity Works (MVM) has amended the company's articles of incorporation to introduce tighter controls over its choice of business partners, MVM told MTI. The changes require shareholder approval before signing a contract,... [read complete entry]
February 15, 2010, 11:27 CET
Sales of men's magazines suffer steep drop in Hungary
Revenues from sales of men's magazines in Hungary have been falling continuously for one and a half years, kreativ.hu writes. As Hearst Sanoma Budapest stopped publishing FHM at the end of last year, Marquard Media, the publisher of CKM and... [read complete entry]
February 05, 2010, 10:53 CET
Figures show over 30,000 jobs created in Hungary in January
There were 30,100 new workplaces created in Hungary in January, 108pc more than in December 2009, and up 157.2pc yr/yr, the latest figures from the National Employment Service (AFSZ) show. There were 26,500 jobs still open in January. The number... [read complete entry]
February 05, 2010, 10:52 CET
Takarekbank says Hungary's GDP to grow 0.3% this year, 2.9% in '11
Takarekbank expects Hungary's GDP to grow 0.3pc in 2010 and 2.9pc in 2011, Takarekbank Senior Analyst Gergely Suppan said on Thursday. Hungary's government projects GDP contraction of 0.3pc in 2010. Mr Suppan said that Takarekbank expects the eurozone GDP to... [read complete entry]
February 05, 2010, 09:57 CET
Hungarian IT market seen recovering in second half of 2010
Hungary's IT market will recover in the second half of 2010, Getronics Magyarorszag CEO Peter Ratkai announced The incumbent government will not call new tenders and the next government will need time to compile its projects, therefore an upturn should... [read complete entry]
February 04, 2010, 09:46 CET
Hungary business confidence indexes rise, says research institute
Confidence at Hungary's biggest hundred companies rose slightly in January, while the outlook of managers of small- and medium-sized enterprises also improved, think-tank Ecostat told MTI on Wednesday. The TOP-100 index rose 3 percentage points to 71.8 percent in January... [read complete entry]
January 12, 2010, 09:16 CET
After collapse, Hungary's vehicle sales seen rising more than 7% in 2010
Hungary's motor vehicle market is expected to stabilise from the second half of 2010, and the Hungarian Association of Vehicle Importers (MGE) sees full-year sales rising 7.4pc to 85,200, chairman Peter Erdelyi said at a press conference on Monday. The... [read complete entry]
January 12, 2010, 08:18 CET
Number of registered job-seekers rises as number of new jobs falls
The number of new job vacancies reported by employers fell more than 19c in December from November because of the crisis as well as seasonal factors, while the number of registered job-seekers continued to rise, figures published on the National... [read complete entry]
January 06, 2010, 10:58 CET
Number of Hungarian firms under liquidation up over 30% in '09
The number of Hungarian companies that went bust rose 31.5pc to 15,066 in 2009, according to Opten, which compiles information about companies. The number of voluntary liquidations jumped 44pc to 14,000 in 2009. The trend is not likely to improve... [read complete entry]
January 06, 2010, 10:56 CET
Recession taking big bite out of Hungarians' travel budgets
Hungarians spent 14-18pc less time and money on tourism and travel in January-September, the Central Statistics Office (KSH) said in a summary on Monday. KSH said the decline in real wages and the overall fall in retail consumption were reflected... [read complete entry]
January 05, 2010, 08:46 CET
Car sales by Suzuki Hungary collapse in 2009, but firm remains market leader
Magyar Suzuki sold 8,112 vehicles in Hungary in 2009, less than one-third of the 24,864 sold in 2008, although the company managed to hold its position as market leader for the 13th year in a row, Magyar Suzuki told MTI... [read complete entry]
January 05, 2010, 08:27 CET
Hungary's economy seen flat in 2010
Hungary's economy will resume growth in the second half of 2010 while annual gross domestic product is likely to flatline in the full year, analysts told MTI on Monday. Penzugykutato is an outlier with a forecast of 0.5 percent GDP... [read complete entry]
January 04, 2010, 10:41 CET
PM says continued austerity to ensure growth in 2011
The minority Socialist government will go on with its crisis management programme until the general elections, and if the next government proceeds along the same lines, Hungary will see economic growth of up to 4 percent in 2011, Prime Minister... [read complete entry]
January 04, 2010, 09:50 CET
Household consumption in Hungary plunged 9% in 2009
Household consumption in Hungary fell by around 9 percent year on year, and no improvement is in sight, national daily Nepszava reported on Thursday, citing a survey by research firm GfK Hungaria. GfK chief executive Akos Kozak said that that... [read complete entry]
January 04, 2010, 09:44 CET
Banks expect forint to stabilize in 2010
The forint will trade in a tight range against the euro and the dollar next year, close to its current levels, according to analysts surveyed by the Bloomberg news agency. Analysts say the forint could weaken against the euro in... [read complete entry]
December 30, 2009, 10:19 CET
Nielsen survey finds job security topping Hungarians' concerns
Job security is the biggest worry among Hungarians, according to a survey by market researcher Nielsen. In all, 23% of respondents mentioned jobs as their biggest concern, followed by their children’s education and career, as well as rising energy prices,... [read complete entry]
December 29, 2009, 11:10 CET
Hungary mobile market expected to continue shrinking in 2010
Hungary's mobile telecommunications market is likely to continue to contract in 2010, albeit at a slower rate than the 5-8pc drop in 2008, the heads of the country's three mobile service providers told MTI. Hungary's mobile telecommunications market could contract... [read complete entry]
December 21, 2009, 10:51 CET
Falling domestic consumption weighs down Hungary's GDP
While global economic indicators seemed to bottom out in the first half of the year, the slowdown in the external downturn was hardly perceivable in Hungary's economic performance, which was held back by falling domestic consumption, even as the effect... [read complete entry]
December 21, 2009, 10:37 CET
Tesco Hungary expects marginal rise in revenues during 2009
Tesco-Global Aruhazak, the Hungarian unit of UK supermarket chain Tesco, expects to close 2009 with turnover of slightly more than the HUF 602bn in 2008, deputy-CEO Erzsebet Antal said on Friday. Because of the crisis, shoppers started to be attracted... [read complete entry]
December 21, 2009, 10:34 CET
Consumer, business confidence indexes tick up in December
Economic research company GKI's combined business and consumer confidence index rose to -25.4 points in December from -27.5 points in November, rising to a level last reached in October 2008, the first month after the start of the crisis. The... [read complete entry]
December 17, 2009, 09:39 CET
Deloitte survey finds Hungarian managers more optimistic about outlook
Company managers in Hungary were more optimistic in December with regard to the economic outlook of both the country and their companies than in September, a survey by Deloitte shows. 40pc of the Hungarian respondents said they expected the economy... [read complete entry]
December 15, 2009, 08:48 CET
Number of registered taxpayers grows despite crisis
In spite of the crisis, the number of registered taxpayers in Hungary grew in 2009, Janos Szikora, head of tax office APEH, said at an event organised by APEH and the Hungarian Chamber of Industry and Trade (MKIK) on Monday.... [read complete entry]
December 15, 2009, 08:38 CET
Study finds Hungarian shoppers giving less, borrowing more this Christmas
This year, 24% of Hungarians are buying Christmas gifts using loans, while this percentage was 12% in 2008, writes nol.hu, based on a study by LG Electronics. According to findings of the study, Hungarians who are buying electronics for Christmas... [read complete entry]
December 15, 2009, 08:29 CET
Hungarian IT market shrank 20-25% in 2009, CEO of HP says
The overall IT market in Hungary shrank 20-25% on average this year, HP Magyarország Kft CEO Gábor Hegedüs told vg.hu. The impact of the recession was hardest on hardware distributors. The company's PC department sold the same number of machines... [read complete entry]
December 15, 2009, 08:25 CET
Door shuts on Hungarian appliance maker Elekthermax
Liquidator Vectigalis Zrt has stopped production at Pápa-based Elekthermax Household Appliance Maker Kft, insolvency practitioner Judit Kemelre Szegőné told napi.hu. Elekthermax, a company with several decades of history, was privatized in the early 1990s. Since then, none of its owners... [read complete entry]
December 14, 2009, 10:35 CET
Hungarian construction industry seen suffering much less than EU average
Hungary's construction industry contracted 2.7pc in 2009, far less than the 8.4pc decline in the European Union as a whole, Hungary's chief architect Sandor Fegyverneky said at a general meeting of the National Association of Construction Companies (EVOSZ) in Budapest... [read complete entry]
December 08, 2009, 08:08 CET
Survey shows Hungarians likely to spend less this Christmas, more on internet
Fewer Hungarians are planning to buy presents this year and those who do will spend less, according to a Kirakat-Ipsos survey published on Monday. Last year 81 percent of the population bought Christmas presents; this year only 76 percent are... [read complete entry]
December 07, 2009, 12:30 CET
Cash-strapped consumers and companies holding back on tens of billion in payments to energy utilities
While many in recession-wracked Hungary are continue to treat themselves to home-delivered meals every day, others are apparently having trouble keeping current with their household energy bills. According to napi.hu, individual consumers and companies have built up tens of billions... [read complete entry]
December 07, 2009, 12:08 CET
Crisis fails to dent Hungarians' appetite for delivered meals
Despite earlier expectations, Hungary's market for ready-to-eat delivered meals has held up throughout the ongoing recession, reports business daily Világgazdaság. Currently, an estimated 100,000-200,000 such meals are delivered daily to customers across the country, with 80% of the market divided... [read complete entry]
December 07, 2009, 10:05 CET
Bankruptcy association chief says Hungarian liquidation system still a "farce"
Despite some improvements resulting from recent changes to Hungary's insolvency laws, the system remains deeply flawed, the head of the Hungarian Association of Insolvency Practitioners & Asset Controllers told a recent conference, Napi Gazdaság reports. According to Ferenc Somogyi, Hungary... [read complete entry]
December 04, 2009, 07:30 CET
Business, consumer confidence indexes fall again in November
Economic research company Ecostat's combined consumer-business confidence index fell 5 percentage points to 72.6pc in November from the previous month as both business and consumer sentiment worsened, Ecostat said on Friday. The TOP-100 measure of confidence at Hungary's biggest hundred... [read complete entry]
November 26, 2009, 11:27 CET
Merrill Lynch says Hungary to enjoy accelerating growth from early 2010
Hungary's economy is set to see accelerating growth from early next year, a major London-based investment banking group said on Wednesday. In its Emerging Markets Monthly research publication released in London, Bank of America-Merrill Lynch said that "while it may... [read complete entry]
November 25, 2009, 09:56 CET
PM says 2010 will be "tough" year, says employment recovery to lag
Although Hungary's economy may restart growing in the second half of 2010 and the IMF prognosticated a 4 percent GDP growth for 2011, the next year will be "very tough", Prime Minister Gordon Bajnai said at the Budapest Corvinus University... [read complete entry]
November 24, 2009, 09:05 CET
FDI in Hungary seen dropping by half in 2009
Foreign direct investment to Hungary is not expected to total more than two billion euros in 2009, well below the annual average of 3.9 billion, the business daily Vilaggazdasag reported on Tuesday. According to estimates by the paper, half of... [read complete entry]
November 24, 2009, 08:48 CET
Recession hits Hungary's "corporate Christmas" as budgets for gifts and parties slashed
Across Hungary, holiday budgets for company office parties and corporate gifts have been slashed by up to 50%, writes daily Népszabadság. While gift baskets and expensive corporate gifts have been popular in recent years, executives of many multinational firms operating... [read complete entry]
November 23, 2009, 09:23 CET
Hungary's new car sales crash 72% year-on-year in October
New car sales in Hungary plunged 72.1pc to 3,590 in October from the same month a year earlier, and dropped 60.3pc to 52,892 in the first ten months, auto industry research company Jato Dynamics said on Friday. In October, only... [read complete entry]
November 23, 2009, 09:16 CET
Halt to improvement in key Hungarian business-consumer confidence index
GKI's combined consumer-business confidence index fell to -27.5 in November from -26.8 in October, halting a six-month rise in the index, market-research company GKI reported. The index stood at -33.3 in November 2008. GKI's consumer confidence index fell to -51.9... [read complete entry]
November 23, 2009, 09:06 CET
Government, opposition spar over "distortion" of country's economic image
Hungary's government rejects main opposition Fidesz's criticism regarding its alleged distortion of the country's economic situation, government spokesman Domokos Szollar told MTI on Friday. Senior Fidesz official Peter Szijjarto earlier said the government was "delusional" when it "continued to paint... [read complete entry]
November 20, 2009, 10:51 CET
OECD projects deeper recession in Hungary than government
The OECD sees Hungary's gross domestic product falling by 6.9 percent in 2009 and 1.0 percent in 2010, slightly more than the respective 6.7 percent and 0.9 percent contractions forecast by the government, according to the organisation's latest Economic Outlook... [read complete entry]
November 16, 2009, 09:17 CET
London analysts say Hungary "on path to recovery" despite dismal Q3
Hungary is now "on the path to recovery" despite preliminary growth figures that have shown a still deeper-than-expected recession in the third quarter, and the Hungarian economy is set to grow next year, London-based emerging markets analysts said on Friday.... [read complete entry]
November 16, 2009, 08:53 CET
Hungary's Q3 GDP plunge steeper than expected as firms deplete inventories
Analysts asked by MTI on Friday said Q3 GDP fell more sharply than expected as companies continued to use up their existing stocks, retail trade contracted, and the farm, services and construction sectors dropped more steeply than projected. Hungary's GDP... [read complete entry]
November 16, 2009, 08:27 CET
Hungarian banks not expected to further tighten lending
Banks tightened the conditions for both retail and business loans further in the third quarter but will not continue do so in the upcoming six months, the National Bank of Hungary's quarterly lending survey shows. Demand for retail loans continued... [read complete entry]
November 16, 2009, 08:18 CET
Consumer confidence in Hungary makes significant rise in October
Hungary's Consumer Confidence Index rose to 58 points in October from 52 points in April, market-research company Nielsen told MTI on Thursday. Nielsen said that Hungary's rise conformed to the worldwide trend, noting that the company's Global Consumer Sentiment Index,... [read complete entry]
November 12, 2009, 10:33 CET
Hungarian chamber's confidence index points up, but remains weak
The Hungarian Chamber of Trade and Industry's (MKIK) business confidence index improved to minus 9pc based on the chamber's October survey from minus 18pc in April, but the negative outlook shows companies still see a long road to recovery, MKIK... [read complete entry]
November 11, 2009, 12:06 CET
Best bargain at big new Buda shopping mall may be the office space
Over on Caboodle.hu you can read about today's opening of the new Allee mall, which was built over the remains of the historic Buda Skála, the biggest shopping center in Communist-era Budapest. According to the developer, the 46,000 sqm of... [read complete entry]
November 11, 2009, 11:43 CET
Hungary's business climate improves, but still among region's worst
Hungary's value improved on the latest Central and Eastern Europe business climate index by Thomson Reuters, but the country was still near the bottom of the list compared to its peers in the region. Hungary's value on the index was... [read complete entry]
November 11, 2009, 11:42 CET
Analysts say Hungary's economy slid 6.7% in third quarter
Hungary's third-quarter GDP could have dropped 6.7pc from a year earlier, level with the first quarter, but less than a 7.5pc yr/yr fall in the second, according to analysts polled by the business daily Napi Gazdasag in its issue published... [read complete entry]
November 05, 2009, 09:57 CET
HP says Hungary's IT hardware market down 30% in first nine months of '09
While Hungary's hardware market shrank around 30pc in the first nine months of this year, demand for IT services fell only slightly or stagnated, Hewlett Packard Hungary CEO Gabor Hegedus said on Wednesday. Mr Hegedus said there is great uncertainty... [read complete entry]
November 03, 2009, 09:11 CET
Bank Association chief says sector capable of sustaining additional shock
The proportion of non-performing loans in Hungarian banks' portfolios could reach an average 7-10pc by the end of 2009, but the banks' average capital adequacy ratio will still be over 10pc, which shows the sector could still withstand a shock,... [read complete entry]
November 02, 2009, 12:39 CET
Consumer confidence up, business sentiment down in October
Economic research company Ecostat's combined consumer-business confidence index fell 0.5 percentage point to 77.6pc in October from the previous month as households were more optimistic, but business sentiment worsened, Ecostat said on Monday. The index bottomed out at 63.1pc at... [read complete entry]
November 02, 2009, 11:11 CET
Media regulator refuses to sign controversial radio contracts
Departing National Radio and Television Board (ORTT) president László Majtényi on Friday announced that he will not sign the contracts of recent radio frequency tender winners Advenio and FM1 consortium. “The Fidesz and Socialist media authority members who helped their... [read complete entry]
October 30, 2009, 10:54 CET
Analysts say unemployment could peak at 11.5% in 2010
Unemployment could peak at 11pc at the end of 2009 and possibly at 11.5pc in the first months of 2010, analysts interviewed by MTI said, commenting on the latest unemployment figures on Thursday. Figures from the Central Statistics Office (KSH)... [read complete entry]
October 30, 2009, 10:24 CET
Media watchdog head resigns, citing political interference in radio deals
National Radio and Television Board (ORTT) president László Majtényi resigned on Thursday, one day after the results of the radio frequency tender were announced. Numerous reports suggested that the Socialists and Fidesz had agreed to divide the two frequencies used... [read complete entry]
October 29, 2009, 10:10 CET
Ecostat says "acceleration" index suggests renewed optimism
The Acceleration Indicator (GYIA), a leading indicator calculated from ten different economic and financial indicators compiled by research institute Ecostat and business daily Vilaggazdasag, grew 0.18pc in October. GYIA fell 0.36pc in September, wiping out increases in the previous two... [read complete entry]
October 29, 2009, 09:13 CET
APEH says tax receipts coming in well under target
Taxes collected by Hungarian tax office APEH in January-September were 6.5pc under the target, APEH head Janos Szikora told a meeting of business association MGYOSZ on Wednesday. APEH collected 92.5pc of the January-September target for personal income tax, 98.8pc of... [read complete entry]
October 29, 2009, 09:06 CET
German advisory firm EquiCon launches JV with former economy minister
Business advisor companies Equicon Holding of Germany and Reservoir Strategies Kft. of Hungary have established a joint venture, the EquiCon Central Europe, and opened an office in Budapest, Reservoir Strategies told MTI on Tuesday. EquiCon Holding, established in the early... [read complete entry]
October 27, 2009, 10:05 CET
Raiffeisen to close 20 branches in Hungary
Raiffeisen Bank will close 20 of its branches in Hungary on Friday, the bank told MTI on Monday. All of the clients at the branches were informed earlier of the closures, Raiffeisen Bank said. Raiffeisen Bank told MTI in mid-August... [read complete entry]
October 27, 2009, 09:43 CET
Hungarian Development Bank approves more loans for smaller firms
The Hungarian Development Bank (MFB) has increased its approvals of loans for smaller companies, writes vg.hu. In September, the Ft 4.1 billion in loans approved for SMEs accounted for 78% of all approvals that month. While the average size of... [read complete entry]
October 27, 2009, 09:35 CET
Retail trade in Hungary continues to stink, except for perfume
The decrease in retail trade sales worsened further in August, writes napi.hu. Turnover at retail stores in the first eight months of 2009 was 4.2% lower than in the same period last year, and in August, 7.2% lower than in... [read complete entry]
October 27, 2009, 09:04 CET
Wave of bankruptcies not expected to crest until next year
While the number of companies in Hungary entering bankruptcy jumped 36% in the first nine months of this year compared to 2008, the corporate landscape isn't becoming any "cleaner," given that there was a net increase in the number of... [read complete entry]
October 15, 2009, 10:33 CET
Mortgage bank FHB launches home price index
FHB Mortgage Bank on Wednesday presented a new Home Price Index based on data on transactions since 1998. The quarterly index is based on data from some 800,000 transactions in about 3,000 communities, said FHB Mortgage Bank deputy-CEO Laszlo Harmati.... [read complete entry]
October 15, 2009, 10:31 CET
Domestic DIY firms unite to compete with multinationals
Sixteen Hungarian home-improvement companies have established a purchasing association in order to compete with major multinational peers such as Germany's OBI, Praktiker and Bauhaus, Austria's Baumax and France's Bricostore the business daily Vilaggazdasag reported on Wednesday. The latter big companies... [read complete entry]
October 13, 2009, 09:50 CET
Subsidized forint-based home loans return, but terms tighten
From this month state-supported forint-based property loans will be available again at most major banks in Hungary, but they will come with less generous terms than in the past, and are limited to those buying a new home or renovating... [read complete entry]
October 13, 2009, 09:05 CET
French sporting-goods chain Koodza to open three stores in Hungary
French discount sporting-goods chain Koodza will open three stores in Hungary later this year, the business daily Vilaggazdasag reported on Monday. The company will open its first three Hungarian stores in Hatvan (N Hungary), Tokol and Erd (both just south... [read complete entry]
October 09, 2009, 10:35 CET
Confidence at Hungarian SMEs improves for third quarter in a row
K and H Bank's SME confidence index rose for the third quarter in a row in Q3, climbing 8 points to -20, the bank said on Thursday. The index was still 7 points under its level one year earlier. The... [read complete entry]
October 07, 2009, 11:17 CET
Decree would allow foreign companies to become liquidators in Hungary
The government plans to issue a decree allowing not only companies based in Hungary, but ones in the European Economic Area and other OECD states to apply to act as bailiffs in liquidation procedures, as long as they have a... [read complete entry]
October 06, 2009, 09:41 CET
Consumer confidence index falls slightly in third quarter
GfK Hungaria and Corvinus University's consumer confidence index fell slightly to 146.4 points in the third quarter from 148.5 points in Q2, but was still well over a low of 114.5 points reached at the end of Q1. The consumer... [read complete entry]
October 06, 2009, 09:38 CET
Hungary's industrial output plunges almost 20% in August
Hungary's industrial output declined 19.9pc in August according to both calendar-adjusted and unadjusted figures, preliminary data published by the Central Statistical Office (KSH) on Tuesday show. The rate of the drop was slightly bigger than the 19.4pc drop in July.... [read complete entry]
October 06, 2009, 09:25 CET
Hungary's ad market may drop by 20% this year. Sounds like a good start!
A recent conference held by the Hungarian Advertising Association seems to have been the occasion for a major round of doom-mongering and bellyaching by those in the domestic ad business. And for good reason: the numbers are just awful. While... [read complete entry]
October 05, 2009, 10:35 CET
Number of company liquidations grows as courts deal with backlog
After dropping to 566 in August because of the summer holiday, the number of liquidations creditors and suppliers started against Hungarian companies rose to 1,400 in September as courts caught up on the backlog, company information service provider Opten told... [read complete entry]
October 05, 2009, 10:32 CET
Foreign guest nights down more than 10% Jan.-Aug.
Guest nights spent at commercial accommodations by Hungarian and foreign tourists fell 8.7pc to 13.289m in January-August 2009 compared to the same period last year, the Central Statistics Office (KSH) said on Monday. In January-July, 9.9pc less nights were spent.... [read complete entry]
October 05, 2009, 10:30 CET
New car sales continue plunging in September; just 3,200 units sold
New car sales in Hungary plunged 76pc to 3,200 in September from the same month a year earlier, after dropping more than 78pc in the previous month, the business daily Napi Gazdasag reported, quoting figures from Datahouse Kft. This was... [read complete entry]
October 02, 2009, 10:31 CET
Hungarian banks could write off more than Ft 100 billion in retail mortgages
Hungarian banks could have to write off HUF 118bn of their retail mortgage loans, or about 2pc of their combined lending portfolio at the end of 2008, assuming current macroeconomic trends continue, the National Bank of Hungary said in an... [read complete entry]
September 29, 2009, 09:13 CET
State bank MFB approves nearly €1 billion in preferential loans in '09
The state-owned Hungarian Development Bank (MFB) approved new loan contracts worth almost HUF 265bn as part of preferential lending programmes for businesses this year until September 27, the bank told MTI on Monday. The loans were available under the New... [read complete entry]
September 28, 2009, 09:43 CET
Hungary's direct marketing sector continues rapid growth in '08
Hungary's direct marketing (DM) market grew 12pc to HUF 39.5bn in 2008 to account for more than 20pc of the entire marketing and communications market, managing director of TeleData Janos Bartok said, citing a survey. DM companies employed more than... [read complete entry]
September 28, 2009, 09:38 CET
Finance Ministry says Hungary to maintain deficit target
The Hungarian government expects the country to meet this year's 3.9pc-of-GDP ESA95 deficit target, and projects the country's debt ratio will rise somewhat less than earlier expected, the latest excessive deficit procedure (EDP) report to be sent to Brussels shows.... [read complete entry]
September 28, 2009, 09:22 CET
Crisis claims 90,000 jobs in Hungary, most in more developed regions
The global downturn has reduced the number of jobs in Hungary by net 90,000, mainly in more developed regions such as Central Transdanubia and Central Hungary, Social and Labour Affairs Minister Laszlo Herczog said on Friday. The country's unemployment rate... [read complete entry]
September 25, 2009, 10:43 CET
OTP Bank first in Hungary to issue MasterCard "PayPass" cards
Hungary's OTP Bank, together with MasterCard, will issue the first PayPass "contactless" bank cards in Hungary, the bank and the card company said in Budapest on Thursday. OTP Bank plans to issue 15,000 PayPass cards this year, said deputy-CEO Antal... [read complete entry]
September 23, 2009, 10:28 CET
Moody's says Hungarian economy near bottom, but no sign of recovery
Hungary, together with Latvia and Iceland, are in a state of "fragile stabilisation", but it is too early to speak of a recovery, ratings company Moody's said in a comment on Tuesday. Moody's said it could not yet conclude with... [read complete entry]
September 22, 2009, 10:52 CET
PM says Hungary can retake position as leading economic power in region
Hungary can retake its position as a leading economy in Central Europe, a position it enjoyed in the second half of the 90s, Prime Minister Gordon Bajnai told Hungarians at an event in New York. Hungary has reached a very... [read complete entry]
September 22, 2009, 09:53 CET
Rot spreads in Hungary's meat-processing industry
Liquidation procedures were begun at more than 100 firms in Hungary's once-prosperous meat processing industry in the first eight months of this year, writes napi.hu, based on data collected by Opten Kft. The largest such firm to be liquidated this... [read complete entry]
September 22, 2009, 09:41 CET
Only one current Budapest shopping mall project to be completed this year
Only one of five shopping malls currently planned for the Budapest market is likely to be completed this year, writes napi.hu. While the portal reports that Allee, located at the site of the former Budai Skála department store, will be... [read complete entry]
September 18, 2009, 10:57 CET
Analysts see continuing decline in real wages, more layoffs
July wage and employment data published early Thursday augur more layoffs and a continuing decline in real wages, analysts told MTI. Twelve-month gross wage growth in Hungary was 1.4pc in July, picking up from 1.1pc in June, the Central Statistics... [read complete entry]
September 18, 2009, 10:44 CET
PM says government to continue crisis management, despite hopeful signs
Despite signs of stabilisation in the Hungarian economy, the government thinks that current measures of active crisis management must be maintained, Prime Minister Gordon Bajnai told Hungarian reporters on Thursday, on arrival for an extraordinary European Union summit in Brussels.... [read complete entry]
September 18, 2009, 10:14 CET
Medical university, venture fund to set up business "incubator"
Semmelweis Innovacio, a company set up by the Semmelweis Medical University (SOTE), and Primus Capital Venture Capital Fund Manager plant to spend several hundred million forints to open a business incubator in Budapest in the first quarter of 2010, the... [read complete entry]
September 17, 2009, 11:17 CET
Hungarian firms increasing write-offs of overdue receivables
The average proportion of overdue receivables Hungarian companies have written off has risen over 5pc from just half a percent a year earlier and is seen reaching 7pc by the spring of 2010, internet portal origo.hu said on Wednesday, citing... [read complete entry]
September 11, 2009, 11:46 CET
Inflation eases to 5% in August as weak demand trumps VAT hike
Annual consumer price inflation in Hungary eased to 5.0 percent in August after recording 5.1 percent in July, the Central Statistical Office (KSH) said on Friday. Weak demand kept retailers from passing on the effects of a five-percent hike in... [read complete entry]
August 19, 2009, 10:17 CET
Survey finds almost 90% of Hungarians consult Internet before buying
Almost 90pc of Hungarian customers browse the Internet before they buy a product, while 50pc visit price-comparison websites and 44pc visit online auction websites, a Google-TNS Infratest survey of customers between the ages of 18 and 60 reveals. Only 3pc... [read complete entry]
August 17, 2009, 09:19 CET
Raiffeisen to close 20 branches in Hungary after adding 64 since 2006
Raiffeisen Bank will close 20 branches in Hungary on October 30, the bank told MTI on Friday. The branches, including five in Budapest, to be shut down showed a fall in client numbers and were also close to other Raiffeisen... [read complete entry]
August 14, 2009, 08:39 CET
Hungary's GDP falls by 2.1% in second quarter of 2009
Hungary's GDP fell by 2.1 percent in the second quarter of 2009 from the first quarter in seasonally and calendar-adjusted terms, dropping in a quarter-on-quarter comparison for the fifth quarter in row, according to a first estimate by the Central... [read complete entry]