Hungary Trends: The week in business and finance
Budapest (MTI) – Following are some of the top business and finance news last week:
Q1 GDP GROWTH 4.1 PC
Hungary’s GDP grew an unadjusted 4.1pc year on year in the first quarter, a first reading of data published by the Central Statistics Office (KSH) shows. The rate exceeded analysts’ expectation of 3.5 percent. KSH said industry and market services contributed the most to growth.
STATE DEBT AT 74.6 PC / GDP AT END Q1
Hungary’s state debt, calculated according to Maastricht rules, stood at 74.6 percent of GDP at the end of March, up from 74.1 percent of GDP at the end of December, the National Bank of Hungary (NBH) said. The state debt ratio in Q1 2017 fell from 76.6 percent compared to the same period a year earlier.
FOUR-QUARTER NET HOUSEHOLD SAVINGS RATIO FALLS TO FURTHER IN Q1
Hungary’s rolling four-quarter net household savings ratio fell to 4.4 percent of GDP in Q1, preliminary data released by the NBH show. The ratio peaked at 7.8 percent in 2015 and has been steadily dropping since then.
BUDGET BUFFER MUST REMAIN UNSPENT TO MEET 2018 DEFICIT GOAL, NBH REPORT SAYS
The 2017 the budget deficit could be slightly lower than the 2.4 percent of GDP ESA target but the government must keep the whole Country Protection Fund unspent in 2018 in order to meet the same 2.4 percent deficit target set for 2018 in the budget bill, the NBH said in its Budget Report.
LENDERS CAN APPLY FOR NBH MORTGAGE CERTIFICATIONS FROM JUNE
Banks will be able to apply from June 1 to get the “consumer-friendly home loan” certification the NBH is introducing for mortgages to counter high interest margins and the low rate of borrower refinancing, NBH said.
PREZI ANNOUNCES FIRST ACQUISITON
Hungarian tech startup Prezi, known for a presentation software with the same name, said it had purchased data visualisation company Infogram in its first ever acquisition.
HUNGARY GROSS WAGES CLIMB 12.8PC IN MARCH
The average gross wage in Hungary rose by an annual 12.8 percent to 298,276 forints in March, KSH said. Net wages grew at the same place as gross wages, also climbing by 12.8 percent to 198,353 forints. Read more HERE.