Hungary Trends – The week in business and finance

Budapest (MTI) – See below MTI’s main business and financial news from the previous week:

HUNGARY Q4 GDP GROWTH REACHES 1.6 PC

Hungary’s GDP grew by 1.6 percent year-on-year in the fourth quarter, a first reading of data published by the Central Statistical Office (KSH) shows. GDP was up by 2.0 percent for the full year. Hungary’s government expected GDP growth to reach 2.1 percent in 2016.

HUNGARY CPI PICKS UP TO 2.3 PC IN JAN

Consumer prices in Hungary rose by 2.3 percent year-on-year in January, accelerating from a 1.8 percent increase in December, KSH said. Twelve-month CPI surpassed 2 percent for the first time since May 2013, accelerating mainly on a steep rise of vehicle fuel prices which rose by 15.2 percent.

HUNGARY STATE DEBT REACHES 73.9 PC OF GDP AT THE END OF 2016

Hungary’s state debt, calculated according to Maastricht rules, stood at 73.9 percent of GDP at the end of December, down from 74.3 percent of GDP at the end of September, the National Bank of Hungary said concerning Hungary’s financial accounts. In nominal terms, state debt reached 25,922 billion forints in Q4 2016.

NBH MULLS STEPS TO LOWER COST OF HOME LOANS

The National Bank of Hungary is drafting measures that would make it easier to compare lending products and switch banks as well as support the expansion of digital banking services, all with the aim of reducing the cost of borrowing, deputy governor Márton Nagy said in an interview.

STATE SUSPENDS HUF 20BN IN METRO 4 FUNDING PENDING OLAF REPORT OUTCOME

The state of Hungary is suspending 20 billion forints in funding to Budapest allocated for the metro 4 project because of alleged misappropriation uncovered in a report by the European Anti-fraud Office (OLAF), government office chief János Lázár said on public radio. Read more news about METRO 4 FRAUD HERE.