HungaryTrends: The most important business news – 2nd week

See below main business and financial news from the previous week: 

LABOUR SHORTAGE: ‘WAGE BOMB’ FROM ALDI

As we reported before, labour shortage causes many problems in Hungary and affect almost every sector of the economy. In fact, commerce is among the most affected ones. The reason is simple: more and more work abroad for better wages. As a result, many supermarket chains have decided lately to increase salaries to keep their workforce. However, according to Origo.hu, Aldi dropped a ‘wage bomb’ at the beginning of the year. The company announced that from 2018 on each experienced shop assistant will receive 353 thousand (EUR 1140) monthly gross salary. Read more HERE.

THE FIRST AIRPORT HOTEL OF BUDAPEST OPENED

In January, the first hotel in Hungary that has a direct connection to the airport’s terminals was opened. It is named ibis Styles Budapest Airport Hotel. Read more HERE.

HUNGARIAN TRADE AND CULTURAL CENTER STARTS OPERATION IN BANGKOK

The Hungarian Trade and Cultural centre started operating in the Thai capital. There has been a brisk relationship between Thailand and Hungary since the middle of the nineties, Thailand has been one of the favourite exotic destinations for Hungarian travellers. Read more HERE.

ADVANCE PAYMENTS ON EU FUNDING LIFT GEN GOVERNMENT DEFICIT

Hungary’s cash flow-based budget deficit, excluding local councils, ran a 1,973.9 billion forint (EUR 6.4bn) deficit at the end of December, the economy ministry said. The deficit reached 169.2 percent of the 1,166.4 billion forint full-year target, widening on advance payments on European Union funding. While total expenditures on EU programmes were over 2,555 billion forints last year, transfers from Brussels reached just 1,015 billion forints.

HUNGARY CPI EDGES DOWN TO 2.1 PC IN DEC

Consumer prices in Hungary rose by 2.1 percent year-on-year in December, the Central Statistical Office (KSH) said. For the full year, consumer prices were up 2.4 percent, still well under the central bank’s 3 percent +/-1 percentage point mid-term target.