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HungaryTrends – The week in business and finance
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See below MTI’s main business and financial news from the previous week:
INDUSTRIAL OUTPUT UP 8.8 PC IN MAY
Hungary’s industrial output rose by an annual 8.8 percent in May, a preliminary release of data by the Central Statistical Office (KSH) showed. The increase followed a 3 percent decline in April.
BUDGET DEFICIT REACHES 78 PC OF FULL-YEAR TARGET IN JUNE
Hungary’s cash flow-based budget, excluding local councils, ran a 911.2 billion forint deficit at the end of June, the economy ministry said on Thursday. The shortfall was 78.12 percent of the 1,166.4 billion forint full-year target. The ministry blamed the gap on pre-financing for EU-funded projects and the award of home construction subsidies. Read more HERE.
HUNGARY COULD ACCESS RUSSIAN GAS FROM NEW PIPELINE BY END-2019
Hungary could access deliveries of Russian gas from the south through a new pipeline by the end of 2019, Péter Szijjártó, the foreign affairs and trade minister, said after a meeting with Gazprom CEO Alexey Miller in Moscow. The pipeline, with capacity to deliver 8 billion cubic metres of gas a year, would enter Hungary from the Serbia, he added. Gazprom said Miller and Szijjártó discussed “gas supplies to and gas storage in Hungary, as well as gas transit to third countries”.
V4+EGPYT SUMMIT TARGETS IMPROVED ECONOMIC TIES
As we wrote before, ways to foster economic ties between Egypt and Central and Eastern Europe were a focus of talks at a summit between government leaders of the Visegrad Group — Hungary, the Czech Republic, Poland and Slovakia — and Egyptian President Abdel Fattah al-Sisi in Budapest. Terrorism and illegal migration were another topic discussed at the summit, the first Visegrad Group event Hungary has hosted since taking over the rotating V4 presidency at the start of July.
ZF GROUP STARTS BUILDING EUR 100 M PLANT IN HUNGARY
German-owned transmission maker ZF Hungaria laid the cornerstone of a 100 million euro plant in Eger (NE Hungary). The 40,000 sqm plant will be completed in the summer of next year and employ 770 people to make eight-speed automatic transmissions.