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Gov’t decides to have deficit of less than 3% in 2011
Wednesday 17:39, September 8th, 2010
Hungary will target a general government deficit below 3% of the GDP next year under a decision taken by the government, National Economy Minister György Matolcsy said.

Analysts see August twelve-month CPI picking up to 4.1%

16:45, Sep 8 | Analysts polled by business daily Napi Gazdaság estimate consumer prices rose 4.1% in August from the same month a year earlier, picking up from 4.0% yr/yr in July but drop in a monthly comparison, the paper reported. The Central Statistical Office (KSH) will publish August CPI on September 10, Friday.

Head of Hungary's financial-market regulator says no emergency plans needed for forint

15:52, Sep 8 | Károly Szász, head of Hungary's financial-market regulator PSzÁF said that there is no need to formulate emergency plans to implement in the event of a substantial weakening of the forint.

Four members of Monetary Council vote to keep rates on hold on August 23

15:49, Sep 8 | Four members of the National Bank of Hungary’s (MNB) monetary council voted to keep the base rate on hold at 5.25% at a rate-setting meeting on August 23, the condensed minutes of the meeting published on Wednesday show.

Analysts see increasing risk to Hungary's to GDP and industrial-output growth

13:09, Sep 8 | Analysts told MTI following the publication of second-quarter GDP and July industrial-output data on Wednesday morning that they see increasing risks to Hungary's GDP and industrial-output growth.

Ecostat Tourism Barometer falls slightly in H1

12:45, Sep 8 | Ecostat's latest Tourism Barometer, a measure of sentiment in Hungary's Tourism Industry, fell 2.2 percentage points to 33.3% in the first half of this year, exceeding its level in H1 2009 by 0.4 percentage points.

PM says gov't measures serve to enhance Hungary's economic autonomy and stability

11:05, Sep 8 | Prime minister Viktor Orban said on Tuesday that the measures his government has taken since coming to office early last summer have served to enhance Hungary's economic stability and autonomy.

Hungary' industrial output up 9% YoY, but drops 1.1% MoM in July

09:26, Sep 8 | Hungary's industrial gross output increased 9% in July 2010, compared to the corresponding period of the previous year,according to preliminary data published by the Central Statistics Office (KSH) on Wednesday. Seasonally and by working-day adjusted indices show that output fell 1.1% from the previous month.

Hungary GDP levels out in q/q in Q2 - unchanged from 1st reading

09:13, Sep 8 | Hungary's GDP stayed unchanged in the second quarter compared to the first quarter of 2010, according to seasonally- and calendar year-adjusted figures, the Central Statistics Office (KSH) said, confirming preliminary figures in a second reading published on Wednesday.

EU finance ministries urge resumption of talks between Hungary and EU-IMF

06:30, Sep 8 | The EU finance ministers as well as European Commission representatives stressed the importance of renewing suspended talks between Hungary and the European Union and the International Monetary Fund (IMF) at informal talks on the matter in Brussels on Tuesday. The Commission still sees a 0.3%-of-GDP excess deficit compared to the targeted ratio of 3.8%.

Hungary committed to cut deficit next year, chief PM advisor Szapáry says

06:00, Sep 8 | The Hungarian government is committed to reducing the budget deficit further next year as well as carrying out structural reform measures, Prime Minister Orbán's chief economic advisor said Tuesday.

Hungary posts HUF 83.9 billion general gov't deficit in August - 1st reading

17:34, Sep 7 | Hungary's general government, excluding local councils, ran a HUF 83.9 billion cash flow-based deficit in August, bringing the January-August deficit to 124.2% of the full-year target, the National Economy Ministry said in a first reading on Tuesday.

About one-eighth of Hungarian employers plan layoffs in Q4 2010

16:04, Sep 7 | Slightly more than one out of eight Hungarian employers plans to cut staff in the last quarter of 2010, according to a survey by global staffing-company Manpower. The ratio of those planning new hires was similar and both ratios rose from Q3.

Analysts say July decline in monthly trade surplus likely to be short-lived

15:02, Sep 7 | July trade figures published on Tuesday morning showed a surprising decline in Hungary's trade surplus, though do not indicate that that import growth will continue to exceed export growth over the longer term, analysts told MTI. They still expect a full-year trade surplus well above last year's €3.738 billion.

AKK raises sales as demand stays high at three-month T-bill auction

14:35, Sep 7 | The Government Debt Management Agency (AKK) sold HUF 60 billion of three-month discount T-bills at an auction on Tuesday, raising its sales as oversubscription remained high. Despite continued strong demand, yields rose now for the third auction in a row.

EC requests more information regarding Hungary salary cap affecting central bank governor

12:58, Sep 7 | Hungary's government on Monday received a written request from the European Commission (EC) to provide the European Union's executive body with more information regarding the salary cap for public-sector employees, including the leadership of the National Bank of Hungary (MNB), that went into effect on September 1, the National Economy Ministry informed MTI on Monday evening.

Hungary trade surplus drops to preliminary €241m in July

11:10, Sep 7 | Hungary had a €241 million trade surplus in July 2010, well down from a €564 million surplus in June and a €328 million surplus a year earlier, the Central Statistical Office (KSH) said in a first reading on Tuesday.
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MNB exchange rates
Date: September 8, 2010
1 AUD 208.32 HUF       100 JPY 271.77 HUF    
1 CAD 217.04 HUF       1 NOK 36.56 HUF    
1 CHF 225.66 HUF       1 PLN 73.19 HUF    
1 CZK 11.68 HUF       1 RON 67.39 HUF    
1 DKK 38.78 HUF       1 RUB 7.36 HUF    
1 EUR 288.78 HUF       1 SEK 31.12 HUF    
1 GBP 351.61 HUF       1 USD 227.80 HUF    
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Hungary international reserves rise €428m in August

10:47, Sep 7 | Hungary's international reserves stood at €35.274 billion at the end of August, up €428 million in a month, reversing the larger part of a €327m drop – the first drop in euro-term reserves this year – in June, preliminary National Bank of Hungary (MNB) figures published on Tuesday show.

House brands generate turnover of HUF 165 billion in H1

09:01, Sep 7 | Food-retail chains generated turnover of HUF 165 billion in H1 2010 from sales of house-brand products, down 2% from the same period in 2009, market researcher Nielsen told MTI on Monday. The share of house brands still rose as total turnover declined more than that of house brands did.