Hungarians are out of money

Fully 86 percent of Hungarian consumers are cutting back on spending, according to an EY consultants survey conducted in January and February.

Fully 79 percent of respondents said their choice of what to purchase was based mainly on its price in the case of all products.

Consumers are maintaining spending on food, medicine and communication services but are spending less on household appliances, clothing and travel, while 77 percent are fixing broken possessions rather than buying new ones.

The high number and volume of investments in Hungary requires the involvement of foreign guest workers on a temporary basis given the tight local labour market, the state secretary for employment policy at the ministry of economic development said on Thursday.

Sándor Czomba told an event greeting the twenty largest taxpayers in Komárom, in northern Hungary, that companies should however strive to support the Hungarian workforce where possible.

He said that the increasing number of investments would undoubtedly also require foreign workers, citing the example of Debrecen where some 30,000 positions will have to be filled.

“At the same time, we have a responsibility about who can enter [the country], from where and under what conditions,” he said.

Businesses that stagnate due to staff shortages or unrealised investments will also have a bad effect on Hungarian workers, he said.

Source: MTI