HungaryTrends – The week in business and finance

Budapest (MTI) – See below MTI’s main business and financial news from the previous week:

HUNGARY CPI SLOWS TO 2.7 PC IN MARCH

Consumer prices in Hungary rose by 2.7 percent year-on-year in March, slowing from 2.9 percent in February which was just under the central bank’s 3 percent mid-term “price stability” target, the Central Statistical Office (KSH) said.

CONSTRUCTION SECTOR OUTPUT JUMPS 15.2 PC IN FEB

Hungary’s construction sector output climbed by 15.2 percent year-on-year in February, data released by KSH shows. Construction sector output was up by 18.5 percent in January after declining for twelve months in a row.

BANKING SECTOR LIQUIDITY RISES IN MARCH

Forint liquidity of Hungary’s banking sector rose in March from a month earlier, the National Bank of Hungary (NBH) said in a report based on preliminary data. The average stock of banks’ one-day deposits rose 217.8 billion forints (696 million euros) in March to 775.4 billion forints (2.5 billion euros) after a steep 314.6 billion forint (1 billion euros) fall in February.

HOUSEHOLDS’ NET FINANCIAL ASSETS SURPASS GDP IN 2016 – NBH

Net household financial assets in Hungary rose to 35.752 billion forints (114 million euros) at the end of 2016, and surpassed the country’s GDP for the first time ever, a study by NBH staff members published on the NBH website said.

AUTOMOTIVE SECTOR OUTPUT INCREASE SLOWS TO 1.4 PC IN FEB

Output of Hungary’s automotive sector, rose by 1.4 percent year-on-year in February; the pace slowed from a 8.2 percent rise in January, a detailed reading of data released by KSH shows. Headline industrial output was up by 2.7 percent.

HUNENT TO BUILD HUF 12 BN WATERFOWL PROCESSING PLANT IN S HUNGARY

Hungarian waterfowl processing company Hunent will build a 12.5 billion forint (39 million euros) duck processing plant through greenfield investment in Mélykút (S Hungary), creating 350 jobs, Foreign Minister Péter Szijjártó said. The government is supporting the investment with a 4.4 billion forint (14 million euros) grant.

APS INVESTMENT TO ACQUIRE MARK

Slovak-based credit management company APS Investment will acquire the Hungarian Reorganisation and Receivables Management Company (MARK), NBH said. MARK was established by the NBH in 2014 to buy bad commercial real estate loans and properties from banks.

LOCAL MAYOR COULD BECOME MINISTER FOR PAKS UPGRADE

János Suli, the major of Paks, confirmed to MTI speculation in the press that Prime Minister Viktor Orbán had asked him to become minister without portfolio to oversee and manage the upgrade of the Paks nuclear power plant.

Source: MTI