Hungarian businesses receive hundreds of millions of euros for development

Hungary’s government will next week announce a business development scheme and one aimed at boosting the labour market activity rate, Economy Minister Márton Nagy said on Tuesday.

The government will allocate 130 billion forints (EUR 335.7m) to the business development programme and 130-150 billion to the labour market activity programme, Nagy told a press conference, adding that more schemes will be launched later in the year.

A total of 900-910 billion forints is available within the Economic Development and Innovation Operative Programme Plus (GINOP Plusz) for these two goals, Nagy said.

The business development programme will involve loan schemes and non-refundable resources that will support asset purchases, investments in green energy and digitalisation, he said, adding that these will be zero-interest loans.

Most of the funds available for the activity rate scheme are non-refundable resources, the minister said.

The government’s aim in 2024 is to push economic growth to 4 percent, he noted. This requires restoring domestic consumption, production and investment, and stimulating the economy by raising the activity rate, he added.

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Hungary December industrial output down 13.7 pc yr/yr

Industrial output in Hungary was an annual 13.7 percent lower in December 2023, the Central Statistical Office (KSH) said on Tuesday, reporting its second estimate. Output dropped by 8.7 percent when adjusted for the number of workdays. Month on Month, output fell by 0.3 percent, according to seasonally and working day-adjusted data. Industrial output in 2023 was 5.5 percent down from the previous year, the KSH said.

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