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HungaryTrends – The week in business and finance
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See below MTI’s main business and financial news from the previous week:
NEW RAILWAY TUNNEL GETTING BUILT AT BUDAPEST AIRPORT
The tender for building the Budapest-Belgrade railway will be announced by the end of the year. The construction might be ready by 2022, as minister of national development László Mosóczi claimed at the InnoRail conference. He also stated that a 22-kilometer-long railway to the airport is planned, 7 kilometers of which will go underground as a railway tunnel.
‘THEY WILL LEAVE AS WELL’: THE DOWNSIDES OF THE EU’S FREE MOVEMENT POLICY
The Telegraph reports that a Hungarian businessman, Péter Róna, took up a fight against the EU’s free movement policy which is slowly destroying his cheese factory, as his employees keep leaving Hungary.
CENTRAL AND EASTERN EUROPEAN HOTELS HAVE POTENTIAL
Hungary ranks third in the region after Poland and the Czech Republic concerning the money traffic of Central and Eastern European hotels.
INDUSTRIAL OUTPUT REBONDS ON AUTOMOTIVE SECTOR UPTICK
Hungary’s industrial output rose by 6.8 percent annually in August, accelerating from a 0.2 percent increase in the previous month, detailed data released by the Central Statistical Office (KSH) showed. A marked increase of output in the automotive segment, which rallied after scheduled shutdowns in the previous month, supported the rise.
HUNGARY CPI EDGES DOWN TO 2.5 PC IN SEP
Consumer prices in Hungary rose by an annual 2.5 percent in September, slowing from a 2.6 percent increase in the previous month, KSH said. Emerging market analysts in London had expected the inflation rate to pick up to 2.7-2.8 percent. Headline CPI was lifted by higher tobacco and dairy prices.
IMF RAISES GDP GROWTH FORECASTS FOR HUNGARY
The International Monetary Fund raised its projection for Hungary’s GDP growth this year to 3.2 percent in its fresh World Economic Outlook. The projection was raised from 2.9 percent in a forecast published in April. The IMF raised its forecast for GDP growth in 2018 to 3.4 percent from 3.0 percent. Hungary’s government projects GDP growth of 4.1 percent for 2017 and 4.3 percent for 2018. Read more HERE.
KRONES TO BUILD HUF 15 BN PLANT IN HUNGARY
German packaging and bottling machine maker Krones announced plans to build a nearly 15 billion forint (EUR 48.7m) plant in Debrecen (E Hungary).
The investment will create 500 jobs.