The European Bank for Reconstruction and Development (EBRD) projects growth in its region will slow as a result of gas supply problems that are feeding an energy crisis. The bank says growth will slow to 2.3% in 2022 in its region and 3% in 2023.
The current increase in wholesale energy prices in Europe has prompted governments to try to shield consumers from the direct impact of an energy crisis that is sweeping the Continent and the rising prices that are costing hundreds of billions.
The third decline in a row for the eurozone PMI indicates that business activity has been contracting throughout the quarter. This confirms our view that a recession could have already started.
But the Hungarian strongman may struggle both to exploit the cost of living crisis and to unite Europe's resurgent radical right, particularly if the Russian-Ukraine war grinds on.
Viktor Orban’s latest move is another way of shifting the blame for economic woes following a procyclical and expansive fiscal policy in recent years.
Hungary could become the first EU country to lose significant EU funds under the bloc's new Conditionality Mechanism.
The report puts pressure on the European Commission not to compromise with Viktor Orban's radical rightwing regime by releasing currently frozen RRF and Cohesion Funds.
Germany’s decision to take its nuclear power plants offline, coupled with production problems with France’s NPPs, saw the share of nuclear power in the OECD countries year to date fall to its lowest level ever, but solar boomed.
Forint falls after reports that Brussels is set to cut Hungary's budget funding because of continuing failure to tackle corruption and make procurement more transparent.
Industrial production growth confirmed at 4%, and 6.6% according to workday-adjusted figures.
Airlines operating in Hungary were hit with a departure fee from €10-25 per passengers in June as part of the government windfall taxes.
Global inflation was generally moderating when the pandemic began, and the downward trend continued into the early months of the crisis. But surging prices since late 2020 have pushed inflation higher than in all of the last five years combined.
Hungary’s annualised CPI accelerated to 15.6% from 13.7% in July.
The European Central Bank has decided on the largest rate hike since the start of the monetary union and has given the impression that it is fully determined to do more on September 7.
Last weekend 70,000 protesters gathered on Wenceslas Square in the heart of Prague to demonstrate against the rising cost of living and demanded a rapprochement with Russia. Will demonstrations spread across Europe as the crisis gets worse?
The output of Hungary's industrial sector rose 4.0% y/y in July, picking up from a 1.5% increase in the previous month.
Chairman of the oil and gas company offered to step down after Croatia’s anti-corruption body made five arrests in a high-profile fraud case.
Discontent is growing in Central and Southeast European countries that are suffering the highest inflation in the EU, pumped up by soaring food and energy prices.
The latest Hungarian move will be a test of whether the European Commission is really committed to curbing corruption in Hungary.
Oxford Economics says risk of wage-price inflationary spirals is “overblown”.