Economy

Gross wages in Hungary grew by an annual 14.0 percent in October, to 564,400 forints (EUR 1,469), the Central Statistical Office (KSH) said on Thursday.

The Spanish presidency has amended the draft of the European Union's economic governance reform "to suit Hungary's interests", the finance ministry said on Wednesday.

Hungarian central bank (NBH) rate-setters cut the base rate by 75 basis points, to 10.75 percent, at a regular policy meeting on Tuesday. The scale of the reduction was the same as at the previous rate-setting meeting in November.

The Hungarian budget working group, tasked with protecting the fiscal balance, held its inaugural meeting on Monday, Finance Minister Mihaly Varga, the group's head, said.

Marton Nagy, Hungary's economic development minister, met Mehmet Fatih Kacir, Turkiye's new industry and technology minister, and Omer Bolat, the trade minister.

In spite of the ongoing crisis caused by the war, credit rating agencies Standard and Poor's and Fitch Ratings both affirmed Hungary's investment-grade sovereign rating within the same week, Finance Minister Mihaly Varga said on Facebook on Saturday.

Fitch Ratings affirmed Hungary's 'BBB' investment-grade sovereign rating at a scheduled review on Friday.

Output of Hungary's construction sector in October edged up an annual 0.1 percent, after falling by 6.0 percent in the previous month, the Central Statistical Office (KSH) said on Friday.

The volume of industrial production declined in October 2023 by 3.2%. Based on working-day adjusted data, production went down by 2.8%. Falls were measured in the majority of manufacturing subsections, at the same time, the volume of production grew in the manufacture of transport ...

S+P Global Ratings has affirmed Hungary's investment grade rating in spite of the war and the energy crisis caused by sanctions policies, the Finance Ministry said on Friday.