HungaryTrends – The week in business and finance

See below MTI’s main business and financial news from the previous week:

WABERER’S AIMS TO FUND POLISH ACQUISITION WITH EUR 50 M IPO

Hungarian road haulage company Waberer’s announced plans to raise 50 million euros in an initial public offering of its shares and list them on the Budapest Stock Exchange. Waberer’s aims to use 32 million euros of the fresh capital to acquire Polish peer Link and the rest for general purposes. Free-float after the IPO is expected to reach at least 50 percent.

HUNGARY Q1 GDP GROWTH 4.2 PC

The Central Statistical Office raised Hungary’s first-quarter GDP growth to 4.2 percent year-on-year in a detailed reading of data from 4.1 percent in the first reading. GDP was lifted by services, industry and construction, the data showed.

INDUSTRIAL OUTPUT FALLS by 3 PC IN APRIL

Industrial output in Hungary fell by an annual 3 percent in April, following a 13.4 percent increase in the previous month, the Central Statistical Office said. In January-April, output was up 4.9 percent year-on-year.

HUNGARY CPI 2.1 PC IN MAY

Consumer prices in Hungary rose by an annual 2.1 percent in May, data released by the Central Statistical Office showed. The pace of the increase slowed from 2.2 percent in April and was in line with analysts’ expectations. Core inflation, which excludes volatile food and fuel prices, rose at the same pace as headline inflation.

GENERAL GOVERNMENT RUNS 213.4 BN DEFICIT AT END-MAY

Hungary’s cash flow-based general government, excluding local councils, ran a 213.4 billion forint (EUR 694m) deficit at the end of May, preliminary data released by the economy ministry showed. The deficit reached 18.3 percent of the 1,166.4 billion forint full-year target.

VIESSMANN TO OPEN EUR 1.73m SERVICE CENTRE IN HUNGARY

German heating and refrigeration systems maker Viessmann is opening a 533 million forint (EUR 1.73m) service centre in Pécs (SW Hungary), Foreign Minister Péter Szijjártó said. Hungary’s government is supporting the investment, which will create 50 jobs, with a 106 million forint grant. The centre will support mainly German clients as well as other international customers. Read more HERE.