 Hungary jobless rate unchanged at 7.7pc in Aug-Oct (27/11/2008) |
| Hungary's average unemployment rate was 7.7 percent in August-October 2008, unchanged from July-September, the Central Statistical Office (KSH) reported on Thursday. Hungary's unemployment rate was 7.8 percent in September based on EU accounting methods, compared to 6.9 percent in the EU-15 and 6.8 percent in the EU-27 countries.
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| "Investors-friendly" local administrations (27/11/2008) |
| The Hungarian Ministry for National Development and Economy and ITD Hungary have launched a training programme for local councils last week. A hundred Hungarian cities and settlements sent their representatives to the first event held in Budapest. The Ministry and ITD Hungary intends to provide professional help to local governments on how they can make their cities more attractive for local and international investors. The participating local administrations will receive assistance to prepare investment promotion strategies. An on-line database will also be established to make site selection and decision making easier.
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| EBRD Will Increase New Finance to Central European Union Member Countries (27/11/2008) |
The European Bank for Reconstruction and Development (EBRD) will increase new finance to Central European Union member countries, reversing its earlier strategy of withdrawing from these countries, the EBRD announced on November 20th 2008. The EBRD said that President Thomas Mirow informed the bank's shareholder governments that it plans to raise financing to EUR 7 billion in 2009, a new record and 20 pct more than originally planned, to help its recipient countries cope with the financial crisis. Central Europe could receive more than half of the planned 2009 financing as EBRD decided to reverse the reduction of its investment in this region in the light of the new developments, the EBRD said.
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| Hungary to Fulfill Criteria for Joining ERM II in November 2009 (27/11/2008) |
Hungary will be able to safely fulfill the criteria necessary to join the European Exchange Rate Mechanism (ERM) II by November 2009, Finance Minister Janos Veres said on a television program on November 21st 2008. European Union member states that have not adopted the euro must participate in the ERM II for at least two years before joining the Eurozone.
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| Investors to build new airport in Fehérvár (27/10/2008) |
| An airport near Székesfehévár that Hungarian property developer Biggeorge's is set to build will cost Ft 20 billion – Ft 25 billion, business daily Napi Gazdaság reported. The airport, to start serving international low-fare and charter flights in H1 2010, will be the country's second-biggest airport after Ferihegy, in the capital.
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| Financial turbulence could limit Hungary's 2008 growth (27/10/2008) |
| Hungary will meet its 2008 deficit target despite the current turmoil on global financial markets, but the country's pickup in growth will likely be less than that foreseen in its convergence plan,said Finance Minister Janos Veres. The current problems on global financial markets will, however, likely make access to financing more difficult for some countries, banks and businesses. Hungary's GDP growth will pick up compared to 2007.
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| First half external trade statistics show slight improvement (06/10/2008) |
| In the first half of 2008, the volume of exports and imports grew by 11-11 percent as compared to the same period of the previous year. The trade balance showed a surplus of HUF 116 billion (EUR 466 million) which meant an improvement of HUF 157 billion (EUR 631 million) compared to the deficit of HUF 41 billion (EUR 165 million) in January–June 2007.
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| 2nd International Airport in Budapest (25/09/2008) |
| Alba Airport, a new airport project located 60 kilometers southwest of Budapest, has received building permits from the government, clearing the way for construction to start on the Ft20bn ($121.8m) project. The developers say that it is due to open for international air traffic in the first half of 2010, and thereafter will provide competition to Ferihegy (owned by Germany’s Hochtief), Budapest’s only international airport. Alba Airport will cater primarily for low cost, charter and other airlines serving European point-to-point destinations, offering an alternative to Budapest Airport for tourists flying in and out of Hungary. A business and industrial park will also be developed on a 110-hectare (270 acre) area next to the airport. The airport lies next to the M7 motorway, connecting Budapest with the Croatian border. (Budapest Sun)
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| Hungary becoming a better place to do business (23/09/2008) |
| The environment to do business has improved in Hungary, according to the latest Doing Business report of the World Bank. Hungary advanced by nine places on the table to 41st out of 181, but still finished behind Estonia, Latvia, Lithuania and Slovakia in the overall ranking. Doing Business presents quantitative indicators on business regulations and the protection of property rights that can be compared across 181 economies… (Budapest Sun)
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