ECONOMY

Ministry foresees GDP growth over 2.5% this year

Based on GDP figures published by KSH today, Hungary’s National Economy Ministry foresees that this year’s GDP projection of 2.5% will be exceeded, the ministry announced today.

ECONOMY

KSH: Hungary’s GDP grows in Q4

Hungary's GDP saw a year-on-year 3.4% growth in Q4 last year, chiefly lifted by strong performances in the manufacturing, construction and farm sectors, the Central Statistics Office (KSH) said in a second reading of data today.

ECONOMY

KSH: Industrial output rises 7.7% in January

Output of the industrial sector in Hungary increased by a year-on-year 7.7% in January, accelerating from 4.7% in December, according to workday-adjusted figures, the Central Statistics Office (KSH) said in a first reading of data today.

ECONOMY

MNB provides loan up to HUF 107 bln to cover DRB depositors compensation

The Hungarian central bank is committed to providing a loan not exceeding HUF 107.1 bln to the National Deposit Fund (OBA) to ensure liquidity for the compensation of depositors of the DRB bank group, the National Bank of Hungary said today.

ECONOMY

MNB international reserves drop in February

International reserves of the Hungarian central bank were at €36.427 bln at the end of February, decreasing by €1.803 bln from January, data published today by the National Bank of Hungary (MNB) reveals.

BUSINESS

Court rejects appeal of KDB Bank contract defense ruling

The Budapest Municipal Court of Appeals today upheld a ruling rejecting a contract defense by KDB Bank.

BUSINESS

OTP Q4 profits climb to nearly HUF 11 bln

OTP Bank's consolidated fourth-quarter after-tax profit rose sharply to HUF 10.9 bln from the same period a year earlier, albeit from a low base, Hungarian news agency MTI reported citing an earnings report published today. In the base period, profits were nearly halved to HUF 1.4 bln.

BUSINESS

Court rejects appeal of K&H Bank contract defense ruling

The Budapest Municipal Court of Appeals today upheld a ruling, albeit with minor changes, rejecting a contract defense by K&H Bank.

BUSINESS

MNB partially suspends licence of Hungária Értékpapír investment house

The National Bank of Hungary (MNB) today said it had partially suspended the operating license of Hungária Értékpapír due to irregularities, and put an oversight commissioner in charge of the investment company.

BUSINESS

Association: Most malls to stay open Sundays

Most shopping malls will stay open after the Sunday closing legislation takes effect on March 15, the Hungarian Mall Association said. While larger mall retailers, which have more than 200 sqm of floor space, will have to close, smaller shops, restaurants and cinemas can stay open.

ECONOMY

Fidesz MP proposes treasury accounts for local councils

Attila Gelencsér, an MP of ruling party Fidesz, proposed yesterday that local councils keep their accounts at the State Treasury in future, MTI news agency reported. Gelencsér, who represents Kaposvár (southwestern Hungary) in Parliament, told a press conference that "new legal regulation is necessary" to put local councils' money with the Treasury following the Buda-Cash scandal. 

POLITICS

Government deficit reaches 35% of full-year target in Jan-Feb

Hungary's cashflow-based general government balance, excluding local councils, came to HUF 310.7 bln in the first two months, the National Economy Ministry said in a first reading of data yesterday, according to Hungarian news agency MTI.

BUSINESS

Raba to supply seat components for new Suzuki production line

Raba's component manufacturing unit will supply seat components for the new Suzuki Vitara under a contract valued at HUF 2 bln per year, Raba said yesterday, according to news agency MTI

BUSINESS

AsiaCenter not affected by Sunday closure law

The AsiaCenter, located in the capital’s District XV will remain open seven days of the week despite legislation which comes into effect on March 15 and prohibits larger shops from remaining open on Sundays, the company announced in a press release yesterday. 

POLITICS

Lázár queried about national utilities provider

In response to an interpellation by an opposition MP, Cabinet Chief János Lázár revealed information about Hungary’s First National Utilities provider (ENKSz), online news portal hvg.hu reported yesterday. 

POLITICS

PM’s son-in-law’s company investigated by police

Hungarian Prime Minister Viktor Orbán’s son-in-law’s company Elios Innovatív Zrt. is currently under investigation by the Hungarian National Police (ORFK) for a series of tenders won by the company, news portal index.hu reported earlier this week. 

ECONOMY

Forint firms on interbank market

The forint was trading at 305.16 to the euro late Thursday on the interbank forex market, up from 306.41 late Wednesday. At 306.30 to the euro early Thursday, the forint moved between 304.44 and 306.38 after a two-week low at 308.25 on Wednesday. At 301.96 last Friday intraday, it hit a nine-month high.

ECONOMY

BUX firms for a second day

The Budapest Stock Exchange's main BUX index finished up 0.41% at 17,897.11 Thursday after rising 0.09% Wednesday. It is up 7.59% from year-end, after losing 10.40% last year.

BUSINESS

Eston launches office photo contest

In an effort to encourage creative portraits of offices in Budapest, Eston International, the Hungarian property advisor, has announced cash awards in its photo contest for anyone who would like to share an image of the skyline from their office.

ECONOMY

ÁKK: Retail govt securities stock rises HUF 72 bln in February

The stock of government securities designed for the general public rose by HUF 72 bln in February – ten times as much as in the previous month, Government Debt Management Agency (ÁKK) said today.

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