Good news from Hungarian economy concerning trade, factory gate prices
Hungary had a EUR 3.544bn surplus in trade of services in the third quarter, data released by the Central Statistics Office (KSH) on Friday show.
Exports of services increased 4.2pc year-on-year to EUR 9.782bn. Imports of services were up 1.9pc at EUR 6.238bn. The tourism surplus reached EUR 1.533bn, the logistics surplus came to EUR 784m and the surplus for business services stood at EUR 621m. Surplus from contract labour services reached EUR 520m.
Trade with other European Union member states accounted for 68pc of Hungary’s service exports and 74pc of its service imports in Q3. Hungary’s biggest partner in trade of services was Germany, accounting for 20pc of turnover. Austria was runner-up, with a 7.8pc share, followed by the United States with 7.6pc.
In the first three quarters of the year, the export of services climbed 4.5pc to EUR 26.266bn, imports increased 3.4pc to EUR 17.393bn and the surplus in trade of services reached EUR 8.872bn.
Factory gate prices up 2.6pc in October
Factory gate prices in Hungary were up 2.6pc year-on-year in October, data released by the Central Statistics Office (KSH) on Friday show. Prices for domestic sale fell 0.5pc but export prices climbed 4.1pc. Domestic prices of the manufacturing sector, which have a 60.0pc weight in the PPI, rose 1.2pc year-on-year. Domestic energy prices, which account for 38.6pc of PPI, fell 4.0pc.
Export prices of the manufacturing sector, which have an 82.9pc weight in the PPI, rose 4.0pc, while energy sector export prices, with a 16.7pc weight, climbed 1.4pc. In a month-on-month comparison, factory gate prices were up 1.0pc as prices for domestic sale slipped 0.5pc but export prices increased 1.8pc. In January-October, factory gate prices fell 0.5pc year-on-year as prices for domestic sales dropped 2.6pc and export prices inched up 0.6pc.
Szabó Gear Manufacturing inaugurates HUF 2.3bn production hall
Szabó Gear Manufacturing inaugurated a HUF 2.3bn production hall in Kaposvar (SW Hungary) on Thursday. The company won HUF 407m in conditional European Union funding and around HUF 619m in government support for the investment. Managing director Krisztián Szabó said the company employed around 50 people at present but headcount could climb by 100 with the addition of the production hall.
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