HungaryTrends – The week in business and finance

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

HUNGARIANS BUY A NEW CAR IN EVERY THIRD MINUTE 

14,192 new cars went into circulation in June. In fact, this number is 30.6 pc higher than it was in 2017 June. Based on the first 6 months of the year the growth was 29 pc higher compared to the first half of 2017. Read more HERE.

1200 EUROS PER SQUARE METRE – THE REAL ESTATE MARKET HAS GONE CRAZY IN BUDAPEST 

Business online Forbes reports, based on data published by Duna House, that the prices will keep on getting higher on the real estate market in Hungary. The prices have gone highest in the capital city, where the average price hits 400 thousand forints (1200 euros) per square metre. Read more HERE. 

TERRIBLE PRESENT AND FUTURE! HUNGARIAN SKILLED WORKERS MOST LIKELY TO WORK ABROAD 

Single male skilled workers aged between 20 and 39 represent the largest group of Hungarians who plan to work abroad, business daily Világgazdaság reported on Friday. Read more HERE. 

ORBÁN AND MERKEL DISCUSS OPPORTUNITIES FOR COOPERATION

Prime Minister Viktor Orbán and German Chancellor Angela Merkel held talks in Berlin as part of Orbán’s official visit discussing a variety of topics ranging from economic cooperation to border security. Read more HERE. 

GIANT GLOBAL GROUP TO BUILD EUR 46.2M BICYCLE PLANT IN N HUNGARY

Taiwanese bicycle manufacturer Giant Global Group will build a 15 billlion forint (EUR 46.2m) plant in Gyöngyös, northern Hungary, a state secretary of the foreign ministry said. The plant will have capacity to make 1 million bicycles a year.

EXTERNAL FINANCING CAPACITY IMPROVES IN Q1 – NBH

In 2018 Q1 the net lending of the Hungarian economy increased due to the rising absorption of EU transfers. As a result of the net savings position and FDI inflows, the country’s external debt indicators continued to decline, further reducing the external vulnerability of the economy, NBH said in a quarterly Balance of Payments report.

HOME LOAN OUTLAYS AT ALMOST FIFTEEN YEAR HIGH

Hungarian banks signed contracts for 76 billion forints (EUR 234m) of new home loan outlays to retail clients in May, 24 percent more than in the same month a year earlier, and 11 percent more than in April, data released by NBH shows.

CHINA, CEE BANK ASSOC SETS UP COORDINATION CENTRE

Members of the China-East-Mid-European Interbank Association decided to set up a coordination centre for efficient cooperation at a board meeting in Sofia, state-owned Hungarian Development Bank (MFB) announced. The centre will be operated by MFB in Budapest. Read more HERE.

HUNGARY BUDGET DEFICIT REACHES 1.1 PC-OF-GDP IN Q1 – KSH

Hungary’s budget ran a deficit of 115.5 billion forint (EUR 355.5m) in the first quarter of 2018, equivalent to 1.1 percent of GDP, according to preliminary figures published by the KSH.

Featured image: MTI

Source: MTI