Economy Minister Mihály Varga met European Union Monetary Affairs Commissioner Olli Rehn in Brussels on Tuesday ahead of a decision by the EU on whether to release Hungary from supervision under the Excessive Deficit Procedure (EDP). “Olli Rehn did not promise anything, he very diplomatically stated that Hungary’s measures are promising and he feels that… Continue »

National economic output was up 0.7 per cent between January and March compared to the previous three months, according to revised data released on Wednesday by official statistics bureau KSH. The economy had shrunk 0.4 per cent in the previous quarter. “Hungary is coming out of recession, Hungary is starting out on the path to… Continue »

Budapest’s cash-strapped city council has dreamed up projects worth EUR 50 million to be completed between 2014 and 2030 in the new detailed city development plan released on Monday. Fidesz mayor István Tarlós in presenting the more than 200-page project summary said it is based on “concrete, collected and processed data” and it “highlights the… Continue »

After a 0.9 percentage point decline to 37 per cent in 2011, the ratio of tax centralisation – the state’s tax and benefits revenue as compared to GDP – increased to 38.7 per cent last year and is expected to grow to 39 per cent this year, the Ministry of National Economy told business daily… Continue »

State secretary Péter Szijjártó (right), who also serves as Government Commissioner in charge of Hungarian-Russian bilateral relations, opens the Hungarian Trading House in Moscow, established in cooperation with the Questor Group, which was represented by CEO Csaba Tarsoly (left) at the ceremony this week. The tasks of the trading house will include investment brokerage, business… Continue »

The Hungarian National Bank (MNB) decided on Tuesday to cut its base rate by a quarter of a percentage point during the monthly meeting of its Monetary Policy Council. The move brings the rate down to 4.75 per cent, the lowest not just since a panic increase to 13.5 per cent when the financial crisis… Continue »

Financial market regulator PSZÁF is to investigate financial news service Bloomberg over an erroneous report it put out minutes before the Hungarian National Bank announced a small cut to its base rate on Tuesday, a spokesman said on Wednesday. István Binder told state news agency MTI that the regulator is investigating possible market manipulation. The… Continue »

The Economy Ministry is less optimistic about Hungary’s growth potential in the latest convergence programme published on the government’s website on Tuesday, the day after it was sent to the European Commission. The economy is expected to grow by just 0.7 per cent this year, compared to a figure of 0.9 per cent on which… Continue »

State secretary for external economic relations Péter Szíjjártó (left) and project director Martin Svejda of Danish toy manufacturer Lego signed a strategic partnership agreement in Budapest on Monday. It was the 19th such contract between international companies and the government aimed at improving the Hungarian economy’s competitiveness and ensuring the long-term presence of the firms.… Continue »

Financial market regulator PSZÁF denied on Wednesday reports that the government is planning to merge it with the Hungarian National Bank (MNB). News  website origo.hu had reported the previous day that the relevant draft legislation had already been prepared by MNB staff under the central bank’s new governor, former economy minister György Matolcsy. Legislation that… Continue »