Finance trends in Hungary: automotive and construction sector, budget, labour market and investments

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

HUNGARY CPI FALLS TO 1.9 PC IN JUNE

Consumer prices in Hungary rose by an annual 1.9 percent in June, the Central Statistical Office said. The inflation rate slowed from 2.1 percent in May and was slightly under analysts’ estimate for a CPI of 2.0 percent.

AUTOMOTIVE SECTOR LIFTS INDUSTRIAL OUTPUT IN MAY

Output of Hungary’s automotive sector, a key driver of industry in the country, rose by an annual 10.7 percent in May, a second reading of data for the month released by the Central Statistical Office shows. The increase followed an 8.6 percent decline in the sector in April. Read more HERE.

HUNGARY CONSTRUCTION SECTOR OUTPUT JUMPS 35 PC IN MAY

Output of Hungary’s construction sector rose by an annual 35.4 percent in May, data released by the Central Statistical Office (KSH) show. KSH noted that the jump came from a low base.

EIB LENDS MAGYAR EXIMBANK EUR 400 M

The European Investment Bank (EIB) signed an agreement on a 400 million euro loan to Magyar Export-Import Bank (Eximbank) which will be used to finance preferential loans for SMEs and mid-caps in Hungary.

CEVA-PHYLAXIA INAUGURATES EUR 25 M VACCINE PLANT IN BUDAPEST

French-owned veterinary company Ceva-Phylaxia inaugurated a 25 million euro vaccine plant in Budapest. The investment will increase annual production capacity at its base in the capital by a factor of six to 3 million units.

IT SERVICES HUNGARY TO ADD 200 JOBS AT SERVICE CENTRE

IT Services Hungary, a member of the Deutsche Telekom group, will add more than 200 jobs at its service centre in Pécs (S Hungary) by the end of next year, managing director Christopher Wilson said. IT Services Hungary employs 540 people at present. The 1,800 sqm wing was completed at a cost of 350 million forints (EUR 1.14m).

GOVT ALLOWS GUEST WORKERS FROM UKRAINE, SERBIA TO BE EMPLOYED WITHOUT WORK PERMIT

Restrictions have been lifted on employment in Hungary of workers from neighbouring countries that are not European Union member states in 41 occupation categories where there is a shortage of workforce by a June statement of the national economy minister.

SOUTH KOREA’S LOTTE TO EXPAND NW HUNGARY PLANT FOR EUR 13.08m

South Korean company Lotte Advanced Materials will expand its plant making industrial plastics in the Tatabanya-Kornye Industrial Park (NW Hungary) for 4 billion forints (EUR 13.08m), creating almost 50 jobs, managing director Jungchul Jeong told MTI.

FINA CHAMPIONSHIPS BUDGET REACHES HUF EUR 150.37m, PLUS PERMANENT INVESTMENTS of EUR 274.59m

National Development Minister Miklós Seszták put the budget for hosting the FINA World Aquatics Championships at 46.4 billion forints (EUR 150.37m), but noted that permanent developments had been made in Budapest and Balatonfüred worth more than 84 billion forints (EUR 274.59m) in the framework of the contest.

Photo: Károly Árvai/kormany.hu

Source: MTI