Retail sales in Hungary fell 13.6% year on year in April and by 12.6% when adjusted for calendar effects. The figure was below analysts’ projections.
Five EU member states bordering Ukraine will be allowed to keep some of their restrictions on imports of Ukrainian agricultural produce in place until September 15, the European Commission decided on June 5.
Geothermal energy could strengthen Hungary’s energy security, replacing up to 1.5 bcm of natural gas a year.
European electricity consumers will save some €100bn on their energy bills, due to the rapid expansion of renewable energy sources caused by the Russian induced energy crisis the International Energy Agency said in a report.
Prime Minister Viktor Orban attended the inauguration ceremony of Turkish President Recep Tayyip Erdogan on June 3, the only representative of an EU member country to do so. No information was released on the informal talks between the two leaders.
Czechia, Estonia and Slovakia are planning budget cuts at a time when interest rates are still painfully high and many economies have yet to emerge from recession.
The sector is bracing for more losses in 2023, according to the retail association OKSZ.
The government slapped a 13% tax on savings and set minimum levels for investment funds' holdings of government bonds. Banks can also cut windfall tax if they increase purchases of local government bonds.
GDP fell 0.9% y/y and by 1.1% when adjusted for workdays.
There is growing concern that Viktor Orban's radical rightwing government, with a track record of breaching fundamental values and blocking key EU decisions, could use the presidency in 2H24 to push its own agenda.
European leaders stress the importance of European solidarity and affirm support for states on the continent’s Eastern Flank.
The French president tried to persuade sceptical East Europeans that they had nothing to fear from a Europe that was more self-reliant in security – and he almost pulled it off.
Budget is based on optimistic forecast of 4% economic growth next year and includes halving of windfall taxes on banks, pharmaceutical companies and energy suppliers.
The failure of the Nation Alliance under optimal conditions shows that 'big tent' coalitions under a single list often do not succeed in extending the opposition's reach.
Democratic governance deteriorates in Emerging Europe and Central Asia, with worst declines in already authoritarian regions.
The MNB's monetary council cut the O/N rate by 100bp to 17% but left the base rate on hold at 13%
Orban's regime, notorious for its anti-migration rhetoric, says it cannot keep holding the traffickers, citing high costs and overcrowded jails.
The first investments are due to begin in six counties in sub-Saharan Africa in 2025.
Justice ministry says delegation had “put forward political expectations beyond the EU’s conditionality procedure and super milestones".
Hungarian move follows reports that Ukrainian President Volodymyr Zelenskiy suggested that Druzhba (Friendship) oil pipeline to Hungary should be blown up.