October 19, 2017 Thursday
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Sustainability
| October 10, 2017
The Hungarian Business Council for Sustainable Development (BCSDH) celebrates its ten-year anniversary. On this good occasion to look back, Diplomacy&Trade talked to the President of the
organization, Attila Chikán, Jr.
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Hungarian economy
| October 9, 2017
Siemens Ltd, the Hungarian subsidiary of Europe's largest industrial manufacturing company, has joined the working group of the National Supplier Program, the Hungarian Minister for National Economy Mihály Varga said at the signing of a letter of intent.
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Chamber
| October 8, 2017
The British Chamber of Commerce in Hungary celebrated its 25th anniversary last year. Its Chairman Vazul Tóth tells Diplomacy& Trade regards it as a great achievement that the BCCH is among the most active bilateral chambers in Hungary.
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Trade
| September 21, 2017
As of September 21, 98% of all tariffs between Hungary and Canada are eliminated as the Canada-EU Comprehensive Economic and Trade Agreement – known as CETA – comes into effect through provisional application.
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Chamber of commerce
| September 14, 2017
The Italian Chamber of Commerce in Hungary (Camera di Commercio Italiana per l'Ungheria – CCIU) held an Italian Business Day event in Debrecen, E Hungary with the participation of the Italian Ambassador to Hungary, Massimo Rustico.
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Hungarian economy
| August 30, 2017
The official Hungarian Gazette has published a government resolution according to which the cabinet spends an extra HUF 2.4 billion on the deployment of another 30,000 bank card acceptance points as promised earlier.
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Hungarian economy
| August 29, 2017
GKI’s economic sentiment index reached its historic peak in July. According to the empirical survey conducted by GKI with the support of the EU, the business confidence index fell slightly in August. However, consumer expectations increased a bit.
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Monetary policy
| August 23, 2017
The National Bank of Hungary will continue its program of upgrading Hungarian forint banknotes . As part of the program. The Bank says it will issue into circulation an upgraded 1,000-forint note with new design elements and new security features.

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Hungarian economy
| August 7, 2017
In the month of July 2017 the state budget posted a surplus of HUF 94.4bn, thanks mainly to higher-than-expected tax revenues, according to a statement about fiscal data by the Hungarian Ministry of National Economy.
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Economic forecast
| July 31, 2017
GKI's economic sentiment index and the business confidence index have never been as high as now so far during its more than twenty years of history. The empirical survey was conducted by GKI with the support of the EU.
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Hungarian economy
| July 31, 2017
According to newly published figures by the Hungarian Central statistical Office, industrial producer prices as a whole were 1.5% higher in June 2017 than in the same period of the previous year. Domestic output prices increased by 3.2% on average.
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Investment
| July 27, 2017
German-owned Hübner Ltd. will expand its vehicle industry production facility in Nyíregyháza, NE Hungary with an investment of HUF 3.4 billion (some EUR 11 million), quarter of which is provided as subsidy by the Hungarian government.
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Financial markets
| July 26, 2017
Hungary is the latest country to enter the Chinese onshore capital markets, raising Rmb 1 billion in a three-year panda bond, the Financial Times reports.Thus, ut is the first country to have issued both offshore and onshore renminbi-denominated debt.
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Military
| July 26, 2017
“It is the Government’s decided goal to reinforce the Hungarian Defence Force, which guarantees Hungary’s security”, the Minister of Defence István Simicskó said at an event to mark the major refurbishment of the army’s fleet of Mi-17 transport helicopters.
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Commerce
| July 25, 2017
According to a report by the Hungarian Ministry for National Economy, the volume of retail sales grew dynamically, by 6% year-on-year, in the month of May 2017. Thus, the sector has been expanding for 47 months in a row.
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Finance
| July 24, 2017
The market for business bank cards in Hungary has grown steadily over the last two years, according to statistical figures published by the National Bank of Hungary. It is while the total market has virtually stagnated according to the number of units.
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Hungarian economy
| July 20, 2017
In order to spread modern electronic payment methods, the government has decided to support the deployment of another 30,000 bank card acceptance points, State Secretary in the Ministry of National Development Ágnes Hornung has announced.
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Hungarian economy
| July 17, 2017
General Electric Hungary has joined the Hungarian government's supplier program that is aimed at increasing the share of Hungarian companies taking part in the development and production of high value added products and services.
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Hungarian economy
| July 12, 2017
In May 2017 and in the initial five months of 2017, the industrial sector posted output growth of 8.8% and 5.7%, respectively, compared to the corresponding period of the previous year. Thus, Hungarian data have beaten corresponding EU averages.
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Trade
| July 7, 2017
Hungary's trade surplus was EUR 913 million in May this year, up 170 million euros from the same month a year earlier. That is according to the latest figures published by the Central Statistical Office and quoted by the Hungarian news agency MTI.
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Economy
| June 26, 2017
The 3rd Global Forum on Productivity organized by the Organization for Economic Cooperation and Development fostering international co-operation between public bodies and promoting productivity-enhancing policies has opened in Budapest.
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Banking
| March 20, 2017
The European Bank for Reconstruction and Development (EBRD) and the Hungarian authorities have agreed to set up a working group to analyse the impact on the banking sector of the recent amendment of the Judicial Enforcement Act.
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Agreement
| January 27, 2017
The Hungarian Development Center (MFK) has signed a representative partnership agreement with the Spanish project development company Inspiralia in the Spanish capital, Madrid in order to cooperate in European Union tenders.
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Hungarian economy
| December 19, 2016
After November, the GKI economic sentiment index rose again in December. According to
the empirical survey by GKI, business expectations increased slightly, whereas consumer ones went up more strongly, reaching their ten-year peak.
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Investment
| December 13, 2016
The Swedish Ambassador to Hungary, Niclas Trouvé, presented the publication ‘Sweden Hungary Business Guide’ promoting the Hungarian investment environment. The event took place on Lucia’s Day, which is considered the brightest Swedish holiday.
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Hungarian economy
| November 30, 2016
The volume of investments in Hungary contracted by 9.3% y/y in the third quarter of 2016. This decrease, portfolio.hu notes should not be considered as dramatic, though, given that investments grew by 2.7% over the previous quarter.
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Hungarian economy
| November 22, 2016
Following its three-year low in October, Hungary's GKI economic sentiment index (issued with the support from the EU) strengthened to its spring level in November. both business and consumer expectations improved in November.
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Corruption
| November 18, 2016
According to the Hungarian people, corruption is an increasingly serious problem, while the number of those who believe that one can act against it is on the decline, the Global Corruption Barometer of Transparency International (TI) says about Hungary.
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Economic relations
| November 2, 2016
The Hungarian government aims to attract various important institutions of the European Union, as well as a larger group of western companies to Hungary from London, Economy Minister Mihály Varga told a pro-government newspaper.
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Hungarian gov't vs. EU
| October 21, 2016
Eurostat is maintaining the reservation on the quality of the data reported by Hungary in relation to the sector classification of Eximbank which needs to be reclassified inside the general government sector resulting in an increase in government debt.
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Hungarian economy
| September 29, 2016
The Hungarian Prime Minister’s cabinet chief, János Lázár announced at his regular weekly briefing this thursday that the country must find the wqys to be more competitive and catch up with Poland in the Visegrád Group.
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Hungarian economy
| September 28, 2016
After reaching its lowest point this year in August, the GKI economic sentiment index rose within the statistical margin of error in September 2016. That is according to the empirical survey conducted by Hungarian think tank GKI.
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Hungarian economy
| September 15, 2016
A new set of data are evidence that labour shortage is becoming an increasingly pressing problem in the Hungarian economy. The number of job vacancies grew by over 3,000 in the second quarter since the end of March 2016, portfolio.hu reports.
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Hungarian economy
| September 2, 2016
A law amendment changing the regulation of the excise tax on fuels will come into effect in Hungary in early September. In view of the current market developments, chances are high that the excise tax on both gasoline and diesel will rise as of October.
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Hungarian economy
| August 31, 2016
The volume of investments in the Hungarian economy was 20.3% lower in the second quarter of 2016 than in the same period of 2015, the Central Statistical Office (KSH) reported on Wednesday. Compared to the previous quarter investments were down 0.8%.
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Hungarians abroad
| August 19, 2016
Hungarians working in foreign countries permanently or temporarily sent home less money last year than in the previous year, the business daily Világgazdaság said on Friday citing World Bank figures. The total transfer was 450 million dollars less than in 2014.
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Hungarian economy
| August 8, 2016
The Ministry for National Economy expects stagnating industrial output growth to be transitory in Huntary, as both order volume and industrial confidence indices are pointing to further expansion, Minister of State István Lepsényi pointed out.
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Employment
| July 28, 2016
Hungary's manufacturing industry has been facing a shocking shortage of labour as of Q3 2016, with more than 70% of the companies surveyed reporting that the lack of adequate workforce is a hindrance to production, portfolio.hu reports.
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Hungarian economy
| July 19, 2016
If the economic processes remain constant and productivity improves further Hungary’s accession to the euro area by the end of this decade "should not be groundless", Economy Minister Mihály Varga is quoted by portfolio.hu as saying .
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Chamber of commerce
Sándor Laczkó | July 15, 2016
The French-Hungarian Chamber of Commerce and Industry (CCI France Hongrie – FHCCI) has been serving the French business community in this country for a quarter of a century. Its President, Miklós Maróthy gave an interview to Diplomacy & Trade.
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Hungarian economy
| July 8, 2016
The volume of exports in euro terms was up 6.3% in May 2016, while imports grew 2.4% compared to May 2015, the Central Statistics Office is quoted by portfolio.hu. The foreign trade surplus was EUR 755 mn, setting a new record.
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Hungarian economy
| June 16, 2016
Hungary’s GDP per capita (purchasing power parity) reached 68% of the European Union average in 2015, a Eurostat report showed on Wednesday. The Hungarian figure is better than Latvia’s and those member states that joined the EU after 2004.
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Hungarian economy
| June 2, 2016
The OECD projected hardly a month ago that the Hungarian economy will grow by 2.5% year on year in 2016. However, this forecast has been cut sharply to 2016 in the OECD’s latest Economic Outlook published this Wednesday.
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Hungarian economy
| May 23, 2016
The decline of the GKI economic sentiment index that started this January, stopped in May. The business confidence index remained unchanged compared to April. However, consumer expectations almost reached their peak value this year.
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Hungarian economy
| May 18, 2016
The European Commission recommends Hungary to achieve annual fiscal adjustments and lower sector-specific taxes, reduce the tax wedge for low-income earners and facilitate the transition from the public work scheme to the primary labour market.
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Real estate
| May 16, 2016
The latest home price index analysis by the Hungarian mortgage bank FHB suggests that home prices in the country rose by 14% on average from a year earlier, the biggest increase seen in a European Union member state.
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Hungarian economy
| May 13, 2016
Hungary’s 0.8% quarter-on-quarter GDP contraction in January-March was the sharpest drop in the entire bloc and the only country that fared worse than Hungary in terms of yr/yr growth was recession-ridden Greece, portfolio.hu quotes Eurostat.
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Chamber
Sándor Laczkó | May 3, 2016
The Indo-Hungarian Business Association’s activities cover promotion of commercial and industrial relations between India and Hungary, developing business cooperation, providing assistance to Indian entrepreneurs in Hungary and vice versa.
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Corruption
| April 19, 2016
The perception of bribery and corruption among corporate executives has not changed meaningfully over the last four years, according to the 14th Global Fraud Survey by Ernst & Young. In Hungary, this ratio is well above even the regional average at 66%.
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Economy
| March 14, 2016
In order to boost employment, Hungary should reduce the burden of labour income taxation, especially for low-earners, and devote more funds to human capital and research & development in order to improve its lagging behind developed OECD countries.
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Economic relations
| March 11, 2016
The Emerging Europe Mega Mission 2016 business delegation, organized by British government's Trade and Investment Bureau (UKTI), visited the Hungarian capital this week, focusing on companies with advanced manufacturing technologies.
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Corruption
| March 4, 2016
Corruption affecting public decisionmaking, public healthcare and public procurement remained a cause of concern in Hungary, the European Commission said in its latest country report cited by the Hungarian financial website portfolio.hu.
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Economy
| February 22, 2016
Compared to its very high January level, the seasonally adjusted GKI economic sentiment index decreased by a rate that has not been seen for a year. Expectations deteriorated in all sectors and among consumers, but they still reflect an optimistic mood.
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Investment
| February 12, 2016
The Hungarian Investment Promotion Agency (HIPA) says it successfully negotiated 67 investment projects last year, an increase of 12% compared to the previous year. 14 projects were started by German firms and 11 projects by US companies.
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Hungarian economy
| February 11, 2016
Hungary’s consumer prices rose 0.9% year on year in January 2016. The consensus forecast in a poll by the financial website portfolio.hu showed that inflation accelerated to 1.1% from 0.9% in December, i.e. the actual CPI reading undershot expectations.
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Award
| February 10, 2016
Budapest Healing Baths and Hot Springs Co. Ltd. became the 'Investor of the Month' for investment projects implemented and financed from own funding, which have added to the allure of Budapest as a tourism destination for several years.
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Transparency
| January 27, 2016
Hungary slipped down three places in the most comprehensive corruption ranking in the world, the Corruption Perceptions Index (CPI) prepared by Transparency International. Hungary's performance declined within the EU and also in the CE region.
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Survey
| January 26, 2016
Hungary’s GKI economic sentiment index (adjusted for seasonal effects) in January 2016 was its highest level in almost 18 months - expectations were near their 2015 peak in the business sector and near their 2014 peak among consumers.
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Ambassadors
| January 20, 2016
For the second time, the American Chamber of Commerce in Hungary (AmCham) hosted the Hungarian Ambassador to the United States and the American Ambassador to Hungary at a joint business forum at the Budapest Marriott Hotel.
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Taxation
| January 19, 2016
The Hungarian government has no plans to modify its tax regime as the the government claims the current system is much better than those recommended for Hungary by the IMF, the OECD or other international organisations, portfolio.hu reports.
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Corruption
| December 9, 2015
On International Anti-Corruption Day, Transparency International Hungary (TI) organized its Átláccó (Transparent’) festival in Budapest on the theme of public procurement, the distribution and supervision of EU funds, and the abuses related to these.
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Hungarian economy
| December 8, 2015
The volume of Hungary’s industrial production rose by 1.7% month on month in October, the Central Statistical Office (KSH) reported this Tuesday. As last October, the sector fared especially poorly, the year-on-year reading came to a pleasant 12.7%.
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Taxation
| December 4, 2015
According to the latest taxation survey by OECD, the organization comprising the most most developed countries of the world, people in Hungary pay 38.5% of the GDP as tax burden, above the OECD average of 34%. Consumption tax is the highest.
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Emigration
| November 27, 2015
The number of Hungarians with official working permits in Germany and Britain has increased over the past two years, the daily Magyar Nemzet is quoted by the Hungarian news agency MTI, citing data from the statistical offices of Germany and the UK.
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Hungarian economy
| November 13, 2015
Hungary’s gross domestic product rose by 0.5% quarter on quarter in the July-September period of 2015, the Central Statistical Office (KSH) reported on Friday. According to figures adjusted for calendar effects, growth slowed to 2.3% year on year.
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Hungarian economy
| November 10, 2015
Consumer prices in Hungary rose by 0.1% year on year in October, the Central Statistical Office (KSH) reported on Tuesday. The financial website portfolio.hu says the market expected CPI to tick up to-0.1% from -0.4% in September.
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Statistical data
| November 6, 2015
The volume of industrial production grew by 2.9% month on month in Hungary in September, according to Central Statistics Office data quoted by portfolio.hu. This correction, which was already on the cards, comes after two months of decline.
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Finance
| November 5, 2015
Hungary posted HUF 138.4 billion budget surplus in October, the financial website portfolio.hu quotes a preliminary data report published by the National Economy Ministry. It is attributable to previously suspended EU funding that has now been disbursed.
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Survey
| November 3, 2015
Sándor Csányi, the head of Central Europe’s largest financial institution OTP Bank, is listed by Forbes magazine among the world’s 1,700 wealthiest people, the USD billionaires. Csányi's wealth is worth of HUF 287.9 billion (just over USD 1 bn).
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Economic forecast
| October 30, 2015
According to the forecast of GKI Economic Research Co., the slowdown of the Hungarian economy that started in the second quarter of 2015 will continue. The 3.6% growth rate in first-quarter was followed by only 2.7% in the second quarter.
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Economy
Sándor Laczkó | October 20, 2015
The Hungarian European Business Council (HEBC) has published its annual report of recommendations for the Hungarian government. HEBC’s annual country reports contain the members’ non-political, practice-oriented experiences as investors.
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Trade
| October 2, 2015
In July 2015, the volume of exports and imports was up by 6% and 3.4%, respectively, year-on-year. Thus, foreign trade surplus rose to EUR 646 million in the month of July 2015, while the surplus accumulated in the period January-July 2015 reached EUR 4.9 bn.
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Finance
| September 28, 2015
The European Investment Bank (EIB) is granting EUR 500 million, the first tranche of an approved loan amount of EUR 1.5 billion, to Hungary to -as the government claims - co-finance priority projects receiving support from EU funds.
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| September 27, 2015
The Government of Hungary does not fully comply with the minimum standards for the elimination of trafficking; however, it is making significant efforts to do so, says the U.S. Department of State in its annual Trafficking in Persons Report, published in July.
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Survey
| September 22, 2015
In September 2015, Hungary’s GKI-Erste economic sentiment index adjusted for seasonal effects reached this year’s peak, and the degree of optimism was only slightly lower than at the end of last year, which corresponded to a 17-year high.
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| September 6, 2015
Local shops are still top choice for consumers despite online and out-of-town competition. In smaller towns people do their shopping in small shops rather then big centers.
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| August 23, 2015
Singapore is famous for its steady growth rate of GDP and a booming foreign trade. The country, often called "young tiger" has managed to evolve its exports from labor-intensive to high value-added products.
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Trade
| July 21, 2015
As a demonstration of further expansion into the American market, Hungary opened a trade house in New York in the early days of May. It will serve as a new gateway for Hungarian companies in the United States. Officials consider more offices to set up elsewhere in the country.
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Economy
| July 19, 2015
Nearly half of all family businesses in the CEE region plan changes in ownership within the next 5 years. But most of them don’t have clear processes in place for this turnover and require restructuring to be competitive in the future.
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Finance
| July 16, 2015
Hungary's public debt has never been over HUF 25,000 billion - until now. According to the Hungarian Debt Management Center, a recent increase of 1,377 bn brought it over the 25,000 bn level. Government officials cliam the increase is only temporary.

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Emigration
| June 16, 2015
A recent report suggests that the typical amount sent by migrant workers back to their home country ranges from USD 1,500 to USD 3,200 annually. In 2014, Hungarians transferred to their families back home some USD 4.5 billion.
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Business club
| June 11, 2015
The Belgian Business Club in Hungary Association (Belgabiz) was officially presented on Thursday in Budapest, aiming to provide information-gathering services for companies interested in the development of Hungarian-Belgian economic relations.
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Chamber
Sándor Laczkó | May 22, 2015
The Hungary-Japan Economic Club (MJGK) was founded in 1971 to assist with information, events and contacts (companies and individuals) interested in economic co-operation between Hungary and Japan and to aid in the improvement of those relations.
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Advertising
| May 15, 2015
As a result of the amendment of legislation on the advertising tax, this levy is to generate more revenues than what the cabinet had previously estimated, the financial website portfolio.hu quotes local daily newspaper Népszabadság.
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Economy
| May 14, 2015
A mild recovery is forecast for 2015, with growth set to reach 1% in 2016, spurred by EU-funded investments. Fiscal consolidation needs and limited structural reforms, however, continue to hold back potential growth. Employment is still expected to stagnate in 2015 - according to the analysis and forecast of the European Commission.
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Automotive industry
| May 5, 2015
The number of new car registrations jumped in Hungary by 21% year on year in April 2015, the financial website portfolio.hu quotes JATO Dynamics. The top-selling brand was Ford, as it took the lead in sales to businesses, with Suzuki on top among private buyers.
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Conference
| April 17, 2015
Addressing the challenges of the global economy's transition from the linear model to the circular economy, EuCham European Chamber is hosting the Green Economic Forum on May 11 in Budapest. Attending is free of charge for accepted registrants.
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Education
| April 9, 2015
The number of businesses involved in vocational training is set to rise from 7,000-8,000 to 20,000 in Hungary and the government says it will set up training centers in the capital and in major cities around the country from July this year.
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EU affairs
| April 1, 2015
Hungarian government ministers have ordered an immediate halt to construction of the section of the M4 motorway between Abony and Fegyvernek in Eastern Hungary as they claim the European Commission had raised concerns over suspected cartel activity.
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Chamber of commerce
| March 19, 2015
The Hungarian-Chinese Chamber of Economy (ChinaCham Hungary) celebrates 10th anniversary this year. On this occasion, the President of the organization, Ernő Pető was interviewed for the recent China country focus section of Diplomacy & Trade.
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Conference
| March 12, 2015
The Budapest-based EuCham Central and Eastern Europe - in cooperation with Transparency International Hungary - organizes its Business Integrity Forum in the Hungarian capital on March 23 on the importance of compliance and integrity in business.
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Award
| March 3, 2015
The Hungarian Association of Executives, which celebrates its 25th anniversary, handed over the Manager of the Year, the Young Manager of the Year and the Leadership Excellence awards on February 28 during the 21st Executive Ball and Awards Gala.
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Development program
| February 26, 2015
In its recent country focus on Switzerland, Diplomacy & Trade included a piece on the role, the objectives and achievements of the Swiss Contribution Program in Hungary. The main aim of the Program is to reduce economic and social disparities.
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Chamber
| February 13, 2015
This year, the Swiss Chamber of Commerce in Hungary (SwissCham) celebrates the 20th anniversary of its foundation. In the recent Swiss Focus of Diplomacy & Trade, the President of the organization talked about the past two decades and the years to come.
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Chamber of commerce
| January 20, 2015
The Canadian Chamber of Commerce in Hungary (CCCH) that celebrated its 20th anniversary in 2013 promotes business for both Canadian and Hungarian companies. Diplomacy & Trade has recently carried this interview with its President, Nicholas Sarvari.
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Chamber
| December 22, 2014
The Deutsch-Ungarische Industrie- und Handelskammer (German-Hungarian Chamber of Industry and Commerce – DUIHK) looks back at a history of over two decades. Diplomacy & Trade carried a recent interview with the President of the Chamber, Dale A. Martin.
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Commerce
| December 16, 2014
Representatives of the ruling party Fidesz and its small satellite partner Christian Democrats voted this Tuesday to prohibit large-size retail shops from opening on Sundays. No impact study has preceded the ban that is believed to be leading to layoffs.
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Survey
| November 23, 2014
Compared with its very high October value, the GKI-Erste economic sentiment index adjusted for seasonal effects decreased slightly in November. Expectations remained unchanged in the business sector, whereas they declined among consumers.
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Finance
| August 18, 2014
Hungary’s gross general government debt was 85.1% of gross domestic product at the end of the second quarter of 2014. It is believed to be related to the peculiar course in Hungary’s debt financing and a correction of the end-2013 doctoring of debt figures.
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Agrarian industry
| August 12, 2014
The Hungarian Ministry of Agriculture says direct effects of the Russian measures on Hungarian agricultural exports are negligible, and primarily cause actual difficulties only to enterprises that export exclusively or to a major extent to Russia.
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Economic relations
| August 4, 2014
The recent Dutch country focus of Diplomacy & Trade featured an interview with the head of the Political and Economic Department who says the Embassy is prepared to act as an interlocutor between the Dutch business community and the Hungarian authorities.
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Corporate issues
| July 29, 2014
The European Commission announced the first results of its new EUR 3 billion SME Instrument program, launched under Horizon 2020 to help innovative small firms get ideas from the lab to the market. The first winners include three Hungarian firms.
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Economy
| July 17, 2014
The Hungarian European Business Council, incorporating the most important international companies present in Hungary, has published its 16th annual report, calls on the Hungarian government to create "sustainable and inclusive growth".
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Finance
| July 7, 2014
Foreign-currency denominated loans will be eliminated from Hungary's lending market by way of converting them to Hungarian forint (HUF) loans before the end of this year, Minister of National Economy Mihály Varga told public media on Monday.
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Survey
| June 23, 2014
After one and a half years of spectacular rise, the GKI-Erste economic sentiment index reached a peak in April. After a decrease in May, expectations improved slightly in the business sector in June, whereas the consumer confidence index continued to decline.
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Innovation
| May 20, 2014
The Hungarian government will do everything in its power to help Hungary turn into not only a production but an innovation centre, Minister for National Economy Mihály Varga said at the general assembly of the Hungarian Association for Innovation.
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Hungarian economy
| May 14, 2014
The SME sector struggling in Hungary with a sharp rise in bankruptcies and a shattered structure of companies. That was one of the issues were addressed at the Portfolio CEE Private Equity & Corporate Finance conference in Budapest.
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Hungarian economy
| April 30, 2014
The Hungarian government projects 2.9% of GDP budget deficit for 2014 and over 3% economic growth for 2017 in its convergence program sent to the European Commission. The program was outlined to the press by Economics Minister Mihály Varga.
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EU affairs
| April 28, 2014
The European Commission is not suspending the payment of development funds for Hungary, but for now, Brussels will only pay the bills submitted by 15 April until every question about the country’s new tendering system is clarified.
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Economic forecast
| April 23, 2014
The GKI-Erste economic sentiment index, which has been rising spectacularly for 18 months according to seasonally-adjusted figures in Hungary, has gone up in April and expectations reached their highest in more than 15 years.
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Economic relations
| April 15, 2014
At FinPro, Finland’s national trade, internationalization and investment development organization, the main line of activity is partner searching. In the recent Finland Focus of Diplomacy & Trade, the head of FinPro in Hungary talked about the organization.
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Energy supply
| March 10, 2014
The ambassadors of the V4 countries to the United States have made a plea to U.S. House Speaker John Boehner for the United States to export natural gas to Central and Eastern Europe to ease the region’s dependence of gas supply from Russia.
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Economic relations
| March 7, 2014
The British Business Centre, established with the cooperation of the British Embassy, the UK Trade & Investment (UKTI) and the British Chamber of Commerce in Hungary (BCCH) was officially aunched this Friday in downtown Budapest.
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Chamber of commerce
| February 27, 2014
The British Chamber of Commerce in Hungary (BCCH), established in 1991, elected a new Chairman, Vazul Tóth at its Annual General Meeting in May last year. A recent issue of Diplomacy & Trade carried an interview with him.
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Chamber
| February 7, 2014
The Chairmanship of the EU-Chambers of Commerce in Hungary has been taken over by the Swedish Chamber of Commerce in Hungary whose President, János Takács became the Chairman of the EU-Chambers of Commerce in Hungary.
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Economic relations
| February 6, 2014
The recent country focus section on the United Kingdom in Diplomacy & Trade featured the 'UK Trade & Investment' as an organization that adapts to changing circumstances in Hungary and internationally, using the ‘Britain Open for Business’ strategy.
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Economy
| February 4, 2014
The National Debt Management Agency says that on January 31, the central government debt amounted to HUF 22,842 billion (appr. EUR 75 billion), that is an increase of HUF 843.9 billion (3.8%) compared to the year-end debt of 2013.
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Economic relations
| January 28, 2014
“Hungary is ready to further strengthen the business relations with South Korea,” the Hungarian Minister of National Economy, Mihály Varga pointed out at the opening of the Korean Economic Cooperation forum in Budapest.
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Economic relations
| January 3, 2014
The Korean Trade-Investment Promotion Agency (KOTRA) established its Budapest office back in 1987, before the change of the social and economic system in this country. Its current director talked to Diplomacy & Trade in a recent interview.
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Finance
| January 2, 2014
Hungary’s general government consolidated gross debt at nominal value (or called the Maastricht debt) was 80.2% of GDP at the end of the third quarter of 2013, according to financial accounts data relesead by the National Bank of Hungary. (NBH).
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Trade
| December 9, 2013
The global trade agreement signed at a ministerial conference of the World Trade Organization (WTO) in Bali, Indonesia, represents a positive development for Hungary and Europe, Minister of Foreign Affairs János Martonyi said.
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Agency
| December 5, 2013
With effect from December 1, Dr. János Berényi has been appointed as the President of the Hungarian Investment and Trade Agency (HITA). The new leader has extensive experience in the management of companies both in the public and the private sector.
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Chamber
| December 2, 2013
The Russia Division of MKIK (the Hungarian Chamber of Commerce and Industry) was established in July 2003. Now, it has over a hundred Hungarian members interested in Russian relations - especially SMEs and some larger companies.
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Bilateral relations
| November 27, 2013
In the recent Russian country focus of Diplomacy & Trade, Leonid Shurigin, the Trade Representative of the Russian Federation in Hungary looks back at an important bilateral event, the the meeting of the Russian-Hungarian Intergovernmental Commission.
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Banking
| November 18, 2013
Júlia Király, a former Deputy Governor of the National Bank of Hungary (NBH) will continue her career at KBC Group as member of the Board of Directors, the Belgian bank has announced. In the Board, she is going to replace Professor Dirk Heremans.
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Banking
| November 14, 2013
The Hungarian Banking Association considers free cash withdrawals just passed by lawmakers unfair and also detrimental on a social level. The new law requires banks to offer ATM withdrawals for free, yet pay tax on the transactions.
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Trade
| November 11, 2013
New Hungarian foreign trade figures published by the Central Statistics Office (KSH) show a promising pickup. Data show an increase both in exports and imports for September and the trade surplus has not been this large since early 2011.
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Chamber of commerce
| November 7, 2013
The President of the European Economic and Social Committee (EESC), Henri Malosse has been received by the European Chamber (EuCham) in Budapest, where they discussed achievements and high-profile projects of both institutions.
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Conference
| October 9, 2013
On October 24 to 25 the Entrepreneurs' Club Association organizes the 6th Hungarian-Russian International Economic Forum and Businessman Meeting at the Hotel Helia in Budapest. The event features guest speakers from the United States and Russia, as well.
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Chamber of commerce
| October 7, 2013
The French-Hungarian Chamber of Commerce and Industry (CCIFH) calls for long-term predictability. That is the essence of the interview CCIFH President, Antoine Guego gave to a recent print edition of Diplomacy & Trade.
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Banking
| September 11, 2013
The Hungarian Banking Association cannot accept the ultimatum given to financial institutions by the government, because the banks cannot solve the problem of foreign currency mortgages on their own, without a contribution by the state.
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Competitiveness
| September 5, 2013
Hungary ranks 63rd - three places worse than last year - on the World Economic Forum’s Global Competitiveness Index (GCI 2013-2014), which features a record number of 148 economies. This puts Hungary to the 24th place in the 28-member EU.
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Economy
| August 12, 2013
Hungary repaid its outstanding SDR 1.9 billion (EUR 2.15 bn) debt to the International Monetary Fund (IMF) on August 12. The governing party welcomes the move while the opposition considers it a costly communication bluff.
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Economy
| July 18, 2013
The Hungarian European Business Council, incorporating the most important international companies present in Hungary, has published its 15th annual report, calling on the Hungarian government to create "confidence and credibility."
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EU affairs
| June 21, 2013
EU finance ministers decided to endorse the European Commission’s recommendation of May 29 to abrogate the excessive deficit procedure (EDP) for Hungary. The country has been in the EU’s fiscal cuffs since its accession to the bloc in 2004.
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Chamber of commerce
| June 18, 2013
'Our approach has always been to help foster bilateral economic relations,” the President of the now 5-year-old Hungarian-Bulgarian Chamber of Commerce, Rossen Tkatchenko explains in a recent interview published in Diplomacy & Trade.
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Taxation
| June 17, 2013
The Hungarian government has announced additional fiscal adjustment measures to avoid the reopening of the excessive deficit procedure (EDP) against the country once EU finance ministers agree to abrogate the EDP for Hungary.
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Economic relations
| May 30, 2013
The Hungarian-Israeli Joint Economic Committee met for the second time in Jerusalem on May 29 to discuss the possibilities of developing cooperation between the two countries. The first meeting of this Joint Commission was held in 2009, in Budapest.
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Budget policy
| May 11, 2013
The Hungarian Minister of National Economy Mihály Varga announced that in order to ensure that the European Commission’s excessive deficit procedure against the country is lifted, the government will freeze HUF 92.9 billion in the 2013 budget.
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Banking
| April 8, 2013
Deputy Governor of the National Bank of Hungary (MNB), Júlia Király submitted her resignation on Monday. She also resigns as member of the Monetary Council. She wishes to protest against recent changes at the national bank.
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Finance
| April 4, 2013
The National Bank of Hungary (MNB) has announced on Thursday that its Monetary Council discussed the possible means of fostering economic growth and launches the Funding for Growth Scheme (FGS) of the Bank to boost the economy.
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Finance
| March 26, 2013
The Monetary Council of Hungary’s central bank (MNB) has decided to lower the base rate by 25 basis points to an all-time low of 5.00% on Tuesday, in line with the market’s call. It was the first rate setting under newly appointed Governor György Matolcsy.
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Taxation
| March 5, 2013
The Hungarian government is planning to impose a new tax, according to a bill on meteorology. The ‘service fee’ would be 0.5% of the annual advertising revenues of any media - irrespective of whether they broadcast weather forecasts/reports or not!
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Finance
| March 1, 2013
Hungary’s Economics minister György Matolcsy has been nominated by Prime Minister Viktor Orbán as the next Governor of the National Bank of Hungary (NBH). Matolcsy follows András Simor whose six-year mandate expires on March 3.
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Finance
| February 18, 2013
The state debt in Hungary was of the second highest value ever at the end of January when the debt of the central budget was HUF 21,187.8 billion (currently over EUR 72 billion), which means a huge increase of HUF 467.7 billion over a year.
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Finance
| February 7, 2013
Russian officials have denied the validity of a report by the online version of the Hungarian business weekly HVG that it would buy a huge Hungarian FX bond package at a favorable interest rate to help finance Hungary’s state debt without the IMF.
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Budget policy
| January 28, 2013
Hungary needs a "new policy course to deliver the required medium-term fiscal adjustment in a sustainable way to support growth and confidence, repair the financial sector, and promote structural reforms to boost the potential of the Hungarian economy."
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Finance
| January 15, 2013
Roubini Global Economics insists that it was not its research note that sparked a sell-off of the Hungarian currency but comments by Hungarian economics minister György Matolcsy that the policy of a strong forint between 2002 and 2010 had been a mistake.
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Economic relations
| December 20, 2012
In the lack of comprehensive information about Italian economic presence in Hungary, Italian businessman Alessandro Farina, with excellent connections in the Italian community here, helped create a database lists over 2,300 Italian businesses in this country.
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Economic relations
| December 18, 2012
The Director of the Center for International Business (CIN) of the Federation of Industries of Rio de Janeiro (FIRJAN), Mr. Amaury Temporal, visited Budapest, from December 14th to 17th, to promote trade and investments opportunities
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Economic relations
| November 29, 2012
The Japan External Trade Organization (JETRO) established its Hungarian office in 1992 with the purpose of further developing economic exchanges with Hungary. Diplomacy & Trade has recently published this article on this organization.
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Commerce
| November 26, 2012
The volume of Hungary’s retail sales declined by 0.4% month on month in September, which marks the continuation of this year’s forlorn trend. The sector suffered the biggest contraction of the past two and a half years in the third quarter.
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Budget policy
| November 23, 2012
Ratings agency Standard & Poor's (S&P) has downgraded Hungary from BB+ to BB, while keeping stable outlook for the country's debt. The Hungarian currency started to weaken but the Hungary dismissed the downgrading as a “hollow measure”.
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Budget policy
| November 20, 2012
The International Monetary Fund (IMF) and the European Commission will wait for the approval of the 2013 budget and then there could be further development in the current negotiating stage, Hungary’s chief aid negotiator Mihály Varga said this Tuesday.
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Economic relations
| November 19, 2012
A recent issue of Diplomacy & Trade has run a piece on the Japanese organization SHOKOKAI in its Japanese country focus section. The organization is exchanging information that can be useful for the management of the Japanese companies present in Hungary.
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Economic relations
| November 5, 2012
The President of the Hungary-Japan Economic Club, Sándor Kiss, has been involved in bilateral relations for three decades. In the Japanese Focusof the a recent issue of Diplomacy & Trade, he talked about the past and present of these relations.
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Finance
| October 31, 2012
In agreement with the analyst consensus, the government appointed rate-setters of National Bank of Hungary continued the easing cycle with another 25 basis point rate cut this week, lowering the benchmark interest rate to 6.25%.
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Budget policy
| October 17, 2012
Hungarian economics minister György Matolcsy announced a new set of measures to keep the budget deficit on track as the European Union has signalled to them that the first package is not sufficient to fill the hole in the 2013 budget.
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Finance
| October 15, 2012
The sovereign debt crisis in Europe is having a negative impact on even non-eurozone countries like Hungary, but that does not diminish the need for Budapest to introduce the euro, Hungarian National Bank Governor András Simor said in Tokyo on Sunday.
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Finance
| September 27, 2012
Without austerity measures, Hungary will overshoot budget deficit goal in 2013 and the annual inflation rate is likely to climb to 5% from 3.4%. That is the projection by the National Bank of Hungary in its quarterly Report on Inflation.
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Conference
| September 26, 2012
The Embassy of Sweden, the Swedish Trade Council and leading Swedish companies are organizing a Swedish-Hungarian Innovation Forum on October 4, 2012. The key note address will be held by Swedish Foreign Minister, Carl Bildt.
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Monetary policy
| August 28, 2012
At its meeting on 28 August, the Monetary Council reviewed the latest economic and financial developments and voted to reduce the central bank base rate by 25 basis points from 7.00% to 6.75%, with effect from 29 August 2012.
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Business club
| August 22, 2012
The German Business Club in Budapest (Deutscher Wirtschaftsclub – DWC) has been – for twenty years now – active in the Hungarian-German Business community and plays an important role in the field of networking.
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EU affairs
| August 17, 2012
Putting off accession to the euro-zone could harm the Hungarian economy, European Economic and Monetary Affairs Commissioner Olli Rehn responded to a question by Edit Herczog, a Hungarian member of the European Parliament.
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Budget policy
| July 26, 2012
A delegation by the International Monetary Fund and the European Union, which held talks on precautionary financial assistance to Hungary in the past eight days, will return to Budapest in September, Hungarian Prime Minister Viktor Orbán has stated.
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Finance
| July 9, 2012
Hungary's Parliament passed the controversial Financial Transactions Tax Act on Monday. The bill levying a 0.1% tax on transactions - except for those connected to credit - had 249 MPs voting in favor of the proposal vs. 94 against.

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Hungarian economy
| July 2, 2012
In Hungarian Parliament on Monday, Prime Minister Viktor Orbán presented a program to increase jobs, consisting of ten points including major cuts in social security contributions and new simplified taxes for small businesses.
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Hungarian economy
| June 4, 2012
As requested over the weekend by Hungary’s chief aid negotiator Mihály Varga, who saw the pressure on the Hungarian market, Hungarian Parliament put off the vote on the planned amendments to the central bank law on Monday.
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Statistical data
| May 29, 2012
The volume of Hungary’s retail sales grew by 0.5% month on month in March, according to data adjusted seasonally and by calendar effects, the Central Statistical Office (KSH) reported. In annual terms, sales in retail shops increased by 0.9%.
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Budget policy
| May 17, 2012
Hungary future IMF negotiator, Mihály Varga, expects formal negotiations with the International Monetary Fund (IMF) and the European Union on a financial assistance program start as soon as early summer thanks to meeting the preconditions for the talks.
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EU affairs
| March 13, 2012
European Union finance ministers adopted a Commission proposal to suspend Cohesion Fund commitments for Hungary from 2013, Margrethe Vestager, Danish Minister for Finance, told a press conference on Tuesday.
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Hungarian economy
| January 4, 2012
EU executive José Manuel Barroso has called on Hungarian Prime Minister Viktor Orbán to ensure that the nation’s Central Bank remains independent despite a controversial reform that gives the government more control over the bank.
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Budget policy
| December 16, 2011
Preparatory talks between Hungary's government, the IMF and the European Union on a precautionary loan were interrupted on Friday, Amadeu Altafaj Tardio, spokesman for Economic and Financial Commissioner Olli Rehn said.
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Budget policy
| December 13, 2011
Talks between the Hungarian government and international organizations about a financial safety net began this Tuesday. Despite earlier government statements, Hungary is likely to get a credit facility with the same conditions as in 2008.
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Finance
| November 29, 2011
Hungary’s central bank (MNB) has raised its key policy rate by 50 basis points to 6.50% on Tuesday, in line with expectations. Although today’s rate call was in line with expectations, it does represent a turnaround in monetary policy.
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Economic relations
| November 23, 2011
Hungary is striving to expand its strategic cooperation with India both in terms of trade and joint investments, Deputy State Secretary in Hungary’s National Economy Ministry, Balázs Hidveghi told a conference on India this Wednesday.
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Chamber
| November 21, 2011
The American Chamber of Commerce in Hungary (AmCham), established in 1989, aims “to be the leading representative for US and international business in Hungary, and to promote the global competitiveness of the country”.
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Finance
| November 18, 2011
Hungary expects to sign a new agreement with the International Monetary Fund (IMF) and the EU early next year, the country's Economy Ministry said on Friday. Hungary, in a reversal of policy, wants to see the IMF act as an "insurance".
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Finance
| November 15, 2011
The National Bank of Hungary believes the recent depreciation of Hungary’s forint is not justified by the fundamentals of the country’s economy a gradual tightening of monetary conditions may become necessary in Hungary.
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Budget policy
| November 11, 2011
Attaining the 1.5% GDP growth targeted for 2012 will be "extremely difficult", Hungarian Prime Minister Viktor Orbán said at the London School of Economics on Thursday. The EU projects Hungarian GDP to be 0.5% next year.
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Finance
Sándor Laczkó | November 3, 2011
Hungarian-born American billionaire investor György (George) Soros said in Budapest this Thursday that the current euro crisis has the potential to destroy the cohesion of the European Union, mainly due to its political nature.
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Chamber
Sándor Laczkó | November 2, 2011
The chairman of the Portuguese-Hungarian Chamber of Commerce, László Hubay Cebrian talks to Diplomacy and Trade about how the organization wishes to enhance business ties between the Potuguese-speaking world and Hungary.
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Finance
Sándor Laczkó | October 18, 2011
Hungary will have the crisis taxes phased out as of 2013, a National Economy Ministry deputy state secretary confirmed earlier reports on Tuesday. The sectoral taxes are expected to generate HUF 1 billion in 2012.
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Economic relations
Sándor Laczkó | October 13, 2011
Hungary hassigned new partnership agreements on EUR 153 million in funding from the European Economic Area (EEA) and the Norwegian Financing Mechanisms the country is getting in the years 2009-2014.
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Budget policy
Sándor Laczkó | September 13, 2011
Brussels expressed its concerns over the Hungarian government’s plan to help people with foreign currency-denominated mortgages by allowing debt pay-off well under the market rate. Austria is infuriated and “firmly rejects” the measure.
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Crisis management
Sándor Laczkó | September 12, 2011
The latest plan by the government includes measures affecting the cost of borrowing, utilities prices and foreign currency-denominated mortgages. There may be a higher VAT rate for luxury purchases and the public jobs program expanded.
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Budget policy
Sándor Laczkó | September 8, 2011
The Hungary's Economy Minister György Matolcsy has proposed increasing the value-added tax on luxury items in a letter sent to European Tax Commissioner Algirdas Semeta, the Ministry of National Economy said in a statement on Wednesday.
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Economic relations
Sándor Laczkó | September 7, 2011
Hungarian government representative András Kármán and the British Ambassador to Hungary, Greg Dorey signed a Double Taxation Agreement in Budapest. The agreement reflects modern business developments between the two countries.
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Budget policy
Sándor Laczkó | September 6, 2011
Hungary is to further reduce its public debt in October and November, taking it down from 77% of gross domestic product to 73%, Prime Minister Viktor Orbán told a news conference after a cabinet meeting on Tuesday.
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Finance
Sándor Laczkó / portfolio.hu | August 29, 2011
Bank of China Ltd. may be a new addition to the currently 15-strong list of primary dealers of Hungarian government bonds, CEO of the State Debt Management Agency (ÁKK), Gyula Pleschinger told Bloomberg in an interview on Monday.
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Energy industry
Sándor Laczkó / portfolio.hu | August 8, 2011
A new natural gas pipeline connecting Hungary and Croatia is now operational. It is a milestone event for Croatia as for the past 33 years, the country's only access to international gas pipelines had been a single line to Slovenia.
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Electronics industry
portfolio.hu | June 6, 2011
US-based contract electronics manufacturer Jabil Circuit will create 670 new jobs at its plant in the northeastern Hungarian city of Tiszaújváros, creating 370 new jobs, a Hungarian Economics Ministry official has announced.
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Employment
Sándor Laczkó | May 6, 2011
Hungary's Constitutional Court has ruled that the retroactive effect of a 98% tax designed to regain severance pay was unconstitutional. The tax was aimed to cover golden handshakes made up to five years before the law came into effect.
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Hungarian society
Sándor Laczkó / portfolio.hu | May 5, 2011
Hungary’s 100 richest people increased their wealth by 12% year on year in 2010 to HUF 2,116 billion (EUR 7.98 bn), according to a list compiled by local business daily Napi Gazdaság. OTP Bank’s Chairman-CEO Sándor Csányi tops the list.
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Corporate issues
portfolio.hu | April 26, 2011
There was a slight improvement in the GKI-Erste confidence indices following a plummet observed in March. Business confidence rose palpably while consumer confidence grew only marginally, and both remained below their respective February levels.
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EU affairs
Sándor Laczkó | April 11, 2011
The member states of the European Union advocate sound budget policy. That was the conclusion observers drew from the two-day informal meeting of Economic and Finance Ministers (ECOFIN) in Hungary this past week-end.
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Hungarian economy
portfolio.hu | April 7, 2011
As a result of a EUR 3.75 billion US dollar bond issuance at the end of March, Hungary’s international reserves jumped to an all-time high EUR 35.7 billion in the third month of 2011, according to the central bank (NBH) on Thursday.
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Nuclear industry
Alica Árvay | March 25, 2011
The Minister of National Development, Tamás Fellegi says the Paks Nuclear Power Plant, the only such plant in Hungary, is safe and will stand the stress test. He made the statement following his visit to the plant this week.
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Hungarian economy
portfolio.hu | March 16, 2011
The European Commission sees clear signs in the measures in Hungary’s reform package that the country is on the right track towards fiscal consolidation, European Commissioner for Economic and Monetary Affairs Olli Rehn said in Brussels.
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Banking
MTI | March 4, 2011
Hungary is set to go ahead with appointing four new external members to the Monetary Council of its central bank, under the new nomination rules passed by parliament, despite stark remarks by the president of the European Central Bank.
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Budget policy
MTI | March 1, 2011
The government's Széll Kálmán Plan seeks to eliminate the danger of indebtedness both at the individual and the national level, Prime Minister Viktor Orbán wrote in his introduction to the program unveiled on Tuesday.
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Chamber of commerce
MTI | February 24, 2011
The Hungarian government and the American Chamber of Commerce (AmCham) on Thursday signed a strategic partnership agreement that aims to foster a closer cooperation and give lawmakers an ear to private sector proposals.
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Innovation
MTI | February 23, 2011
Hungary should adopt a unified bidding system for R & D if financing is to be tapped effectively, József Pálinkás, Chairman of the Hungarian Academy of Sciences, told a innovation conference in Budapest's ELTE University on Wednesday.
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Traffic
Portfolio/Népszabadság | February 14, 2011
Hungary plans to introduce electronic road toll before phasing out the flat-rate toll in the following years, local daily Népszabadság reported on Monday. The vehicles likely to be hit the hardest will be the biggest trucks.
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Hungarian economy
MTI | February 1, 2011
The European Commissioner for Economic and Financial Affairs, Olli Rehn has contacted the Hungarian government in writing, asking for a list of planned reform steps, the Hungarian business daily Világgazdaság said on Tuesday.

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Energy supply
Alica Árvay | January 28, 2011
A proposal by the head of the parliamentary group of the governing Fidesz to cut state subsidies for renewable energy is being reviewed by the Ministry of National Development. The draft would alter agreements already negotiated by the Ministry.
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Corporate issues
Alica Árvay | January 27, 2011
Decision-making is usually a complicated matter in the corporate world. Recently, a research has been conducted to examine how the heads of corporations arrive at their decisions in Hungary. The most important results were discussed at a conference.
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Pensions
MTI/Népszabadság | January 26, 2011
Holders of mandatory private pensions who face losses unless they switch to the state system by the end of January have made over 200 complaints to the Constitutional Court, the daily Népszabadság said on Wednesday.
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EU affairs
MTI | January 24, 2011
All economic priorities of the Hungarian presidency serve to strengthen the position of the European Union, Hungarian Economy Minister Gyorgy Matolcsy said at an EP committee hearing in Brussels on Monday.
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National development
MTI/Népszabadság | January 14, 2011
Hungary's New Széchenyi Plan, an economic development plan, will invest HUF 7,000 billion (EUR 25.5bn) between 2011 and 2014 in various business projects and infrastructure, boosting the investment rate by an annual 5 percentage points.
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