Economy

The gross average wage of full-time employees in Hungary amounted to 605,100 forints (EUR 1,532) in January, increasing by an annual 14.6 percent, while net pay including supplementary payments came to 416,600 forints, the Central Statistical Office (KSH) said on Thursday.

Hungary's jobless rate was 4.6 percent in February, up from 4.5 percent in January, the Central Statistical Office (KSH) said on Wednesday.

Hungarian central bank rate-setters reduced the base rate by 75 basis points, to 8.25 percent, at a regular policy meeting on Tuesday.

Hungary's cash flow-based budget deficit reached 1,704 billion forints (EUR 4.3bn) at the end of February, the finance ministry confirmed in a detailed release of data on Monday.

National Economy Minister Marton Nagy said the government expected GDP growth to reach 2-3 percent this year, presenting a strategy to boost the country's competitiveness between 2024 and 2030.

The government will phase out a cap on deposit rates from April 1, the national economy ministry said on Thursday.

An amendment to this year's budget and planning for the 2025 budget are in the pipeline, foreseeing a lower deficit, declining public debt and stronger economic growth, Mihaly Varga, the finance minister, said after meeting the head of the Fiscal Council on Tuesday.

Output of Hungary's construction sector in January climbed by an annual 17.2 percent, the Central Statistical Office (KSH) said on Thursday.

Hungary's government is committed to restoring balance to the central budget as soon as possible as well as to keeping the deficit as small as possible and the public debt on a downward path, Finance Minister Mihaly Varga said in Brussels on Tuesday.

Annual inflation in Hungary was 3.7 percent in February, the Central Statistical Office (KSH) said on Friday. Month on month, prices rose by 0.7 percent.