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Know what’s going on in Hungary – 29th week in 2020
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See below main business and financial news from the previous week:
New travel restrictions introduced in Hungary: contradictory decisions were made
The Hungarian government announced new travel restrictions for Hungary. These take effect from Tuesday midnight. Restrictions were ordered by the government to avoid a second wave of coronavirus infections. The restrictions supposedly overlap with the EU’s recommendations, but some seem illogical and overcomplicated. Details HERE.
- Important modification announced to the new travel restrictions in Hungary
- LATEST: Inbound travel restrictions in Hungary eased for these two country
CONSTRUCTION SECTOR OUTPUT FALLS 20.1 PC IN MAY
Output of Hungary’s construction sector fell by 20.1 percent year-on-year in May – the steepest decline in years – because of the impact of the pandemic and a high base, the Central Statistical Office (KSH) said. Output of the buildings segment was down 24.0 percent and civil engineering output dropped 15.6 percent. Read more HERE.
LAWMAKERS APPROVE GUIDELINES FOR NEGOTIATING EU RECOVERY PLAN
Hungarian lawmakers identified “fundamental principles” to serve as guidelines in the course of accepting the European Union’s Next Generation recovery plan from the coronavirus crisis and the next seven-year EU budget. In a resolution approved with a vote of 128 for, 16 against and one abstention MPs said “member states in the same situation should be treated in the same manner”; “the citizens of richer member states should not get more support than the citizens of poorer countries”; and “attaching the funding to political and ideological conditions – under the label ‘rule of law’ – is unacceptable”.
AUTOMOTIVE SECTOR SHOWS SIGNS OF RECOVERY AFTER PANDEMIC SHUTDOWNS
Output of Hungary’s automotive sector, an engine of industrial growth under normal circumstances, fell 53.3 percent year-on-year in May, slowing from a 79.5 percent decline in April, when many plants shut down to contain the spread of the novel coronavirus, a detailed release of data by KSH showed. The automotive sector accounted for about 21 percent of manufacturing sector output in May. Output of the computer, electronics and optical equipment segment, which made up 13 percent of manufacturing sector output, dropped 21.2 percent in May, close to the 20.8 percent decline in April.
STATE-OWNED RAILWAY, BUS COMPANIES MERGE
State-owned railway company MÁV took over state-owned bus company Volánbusz effective July 15 with the aim of streamlining and improving passenger services. MÁV serves about 140 million passengers a year and Volanbusz more than 400 million. Together, the companies employ over 55,000 people.