Hungary
Hungary’s retail sales fall for fifth straight month
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.
EC bans Ukrainian grain imports to Central Europe for another five months, Kyiv bans sugar exports in response
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.
bneGREEN: Energy minister says geothermal powerhouse Hungary not exploiting its potential
Geothermal energy could strengthen Hungary’s energy security, replacing up to 1.5 bcm of natural gas a year.
bneGREEN: Europe saves €100bn from the switch to renewables due to the Ukraine war
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 Orban flies to Ankara for Erdogan’s swearing-in ceremony
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.
Central Europe launches new austerity drive
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.
Hungary’s windfall tax and rising energy costs push foreign retailers into the red in 2022
The sector is bracing for more losses in 2023, according to the retail association OKSZ.
Hungary pushes banks and investment funds to hold more government bonds
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.
Hungary remains in recession in Q1
GDP fell 0.9% y/y and by 1.1% when adjusted for workdays.
EP lawmakers overwhelmingly support resolution to strip Hungary of rotating presidency
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.
Support for Moldova, solidarity with Ukraine at second EPC summit
European leaders stress the importance of European solidarity and affirm support for states on the continent’s Eastern Flank.
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VISEGRAD BLOG: Macron makes the weather in Eastern Europe
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.
Hungarian government submits 2024 budget with deficit of 2.9% of GDP
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 VIEW FROM MITTELEUROPA: Turkish result shows that 'all for one and one for all' is rarely the best tactic to bring down a strongman
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.
Freedom House says Ukraine war threatens democracy across Emerging Europe
Democratic governance deteriorates in Emerging Europe and Central Asia, with worst declines in already authoritarian regions.
Hungarian central bank begins monetary easing
The MNB's monetary council cut the O/N rate by 100bp to 17% but left the base rate on hold at 13%
Austria protests as Hungary starts releasing human traffickers early
Orban's regime, notorious for its anti-migration rhetoric, says it cannot keep holding the traffickers, citing high costs and overcrowded jails.
EBRD 2023: Bank to expand into the whole of Africa plus Iraq
The first investments are due to begin in six counties in sub-Saharan Africa in 2025.
EC budget control committee finds string of shortcomings in Hungary
Justice ministry says delegation had “put forward political expectations beyond the EU’s conditionality procedure and super milestones".
Hungary blocks next tranche of EU military support for Ukraine
Hungarian move follows reports that Ukrainian President Volodymyr Zelenskiy suggested that Druzhba (Friendship) oil pipeline to Hungary should be blown up.