HungaryTrends – The week in business and finance: wages, industrial, investments, tourism

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

THIS IS HUNGARY’S MOST EXPENSIVE FLAT

A new penthouse is being built in Budapest, that will cost 9.5 thousand euros (HUF 3 mill) per square metre, more than the average prices in Vienna. Read more HERE.

BUD AIRPORT BROKE RECORD AGAIN

Thanks to the dynamically increasing traffic, over one million people travelled to or from Liszt Ferenc Airport. This number is without precedent and shows the growing popularity of BUD Airport.

HUNGARIANS CONTRIBUTING TO A MONUMENTAL CHINESE TOURISTIC INVESTMENT

An enormous Chinese investment close to the city of Chongquing, including a medical spa center, several hotels, therapeutic and conference establishments, is going to take place with the help of professional Hungarian counsellors. Read more HERE!

MOL SEEKS TO SELL UK UPSTREAM ASSETS

Hungarian oil and gas company MOL wants to sell its upstream assets in the North Sea, Reuters reported, citing banking sources. MOL has hired Bank of America Merrill Lynch to run the sale process for the assets, four banking sources told Reuters.

GYÖRGY WABERER GIVES BACK WITH EUR 3.2m FOUNDATION

Former trucking industry magnate György Waberer has set up a 1 billion forint (EUR 3.2m) foundation to improve the lives of underprivileged Hungarians. The foundation, based in the village of Füzér, in the underdeveloped northeast of the country, will support families with sick children and those struggling to get by as well as foster talent among the young.

INTERNATIONAL COMPANIES EXPECT RAPID GROWTH OF HUNGARIAN WAGES TO CONTINUE

International companies based in Hungary expect wages in Hungary to grow on average by 6.1 percent in 2018 after a 6 percent increase this year, a study conducted jointly by the Members of the German-Hungarian Chamber of Industry and Commerce (DUIHK) and by Kienbaum Consultants International in the autumn showed.

HUNGARY CPI EDGES UP TO 2.5 PC IN NOV

Consumer prices in Hungary rose by 2.5 percent annually in November, KSH said. The pace of the increase accelerated from 2.2 percent in October.

RETAIL SALES CLIMB 6.3 PC IN OCTOBER

Retail sales in Hungary rose by an annual 6.3 percent in October according to both unadjusted and calendar year-adjusted data, KSH said in a first reading of data. Sales growth accelerated from 5.6 percent in September and 4.7 percent in August. Read more HERE.

HUNGARIAN EXPORTS COULD EXCEED EUR 100 BN IN 2017

Hungarian exports could exceed 100 billion euros this year based on the performance of the first three quarters, Foreign Minister Péter Szijjártó said at the meeting of parliament’s economic committee. Read more HERE.

HUNGARY Q3 GDP GROWTH REVISED UP TO 3.9 PC IN 2ND READING

Hungary’s GDP rose by an unadjusted 3.9 percent or a seasonally and calendar-adjusted reconciled 4.1 percent in the third quarter of 2017 from a year earlier, a second reading published by the Central Statistical Office (KSH) revealed. Both figures were revised up 0.3 percentage points from a first reading. Read more HERE.

ADVANCE PAYMENTS ON EU FUNDING LIFT GEN GOVT DEFICIT

Hungary’s cash flow-based general government, excluding local councils, ran a 1,639.0 billion forint (EUR 5.21bn) deficit at the end of November, lifted by advance payments on European Union funding, the economy ministry said in a preliminary release. The deficit reached 140.5 percent of the 1,166.4 billion forint (EUR 3.71bn) full-year target.

INDUSTRIAL OUTPUT CLIMBS 7.6 PC IN OCTOBER

Hungary’s industrial output rose by 7.6 percent annually in October, KSH said in a first reading of data. Growth picked up from a 5.4 percent increase in the previous month. October output rose by 7.6 percent when adjusted for the number of workdays, slowing down from a 8.1 percent increase in September.

Photo: MTI

Source: MTI/Daily News Hungary