Hungary

Hungary scraps fuel price cap after panic buying leaves pumps dry

Tamas Csonka in Budapest December 7, 2022

The chaos and the hike in prices are a huge embarrassment to Prime Minister Viktor Orban, who introduced the cap in November last year to ease rising inflation before the election.

Hungary blocks joint EU aid to Ukraine at Ecofin meeting

Tamas Csonka in Budapest December 7, 2022

Budapest has been holding up aid for Ukraine as well as EU approval of a minimum corporate tax as part of an attempt to unfreeze €7.5bn of Cohesion Fund money and €5.8bn of Recovery and Resilience Fund cash.

Global wage growth fails to beat inflation for the first time in 20 years

Statista December 6, 2022

The global inflation crisis paired with lacklustre economic growth and an outlook clouded by uncertainties have led to a decline in real wages around the world, a new report published by the International Labour Organization (ILO) has found.

Fuel sales prop up Hungary’s retail sector in October

Tamas Csonka in Budapest December 6, 2022

Annualised Hungarian retail sales growth slowed to 0.6% in October from 3% in the previous month.

Foreign investment has transformed Eastern Europe, says wiiw report

Robert Anderson in Prague December 2, 2022

Foreign investment will continue to have a vital role to play in the region’s development, particularly now that international companies are rethinking their supply chains.

bneGREEN: Energy efficiency investment turns the corner in 2022, but more is needed

Richard Lockhart in Edinburgh December 2, 2022

Global investment in energy efficiency could rise by 16% to $560bn in 2022, the International Energy Agency said, as governments and consumers respond to fuel supply disruptions and record-high energy prices.

Hungary’s GDP growth slows to 4.0% in Q3

Tamas Csonka in Budapest December 2, 2022

Adjusted for seasonal and calendar year effects, GDP grew 4.1% y/y, but fell 0.4% from the previous quarter.

European Commission clears Hungary RRF plan but links payouts to 'super milestones'

Tamas Csonka in Budapest December 1, 2022

Commission also recommends keeping €7.5bn of Hungary's Cohesion Fund allocation frozen until the country takes steps to address concerns over the rule of law.

Hungary braces for further conditionality terms for release of €13.3bn in EU funds

Tamas Csonka in Budapest November 30, 2022

Commission set to approve Hungary’s plans to use €5.8bn of post-pandemic recovery fund money but it is likely to recommend continuing the suspension of €7.5bn in Cohesion Funds.

bneGREEN: EU energy ministers agree to speed up permitting and deployment of renewables temporarily

Roberta Harrington in London November 29, 2022

A final decision – formal approval – on the new regulation may occur at another emergency meeting on December 13.

Hungary’s president visits Ukraine for first time

Tamas Csonka in Budapest November 28, 2022

Among Europeans, the proportion of Hungarians blaming Ukraine for the war is the highest.

V4 leaders meet as EC poised to take unprecedented action towards Hungary

Albin Sybera November 25, 2022

Hungarian premier Viktor Orban reiterated Hungary’s opposition to the EU’s efforts to raise cash for Ukraine on financial markets, and says its parliament will ratify Sweden and Finland's Nato membership in 'a month and something'.

Hungary faces suspension of EU funds, according to German press reports

Tamas Csonka in Budapest November 24, 2022

Budapest said to receive RRF funds but €7.5bn of Cohesion Funds will remain frozen.

bneGREEN: ING: Euro sustainable bond supply set to stagnate in 2023

Nadège Tillier is Head of Corporates Sector Strategy at ING, Maureen Schuller is head of financials sector strategy at ING, Benjamin Schroeder is a Senior Rates Strategist at ING November 23, 2022

Euro sustainable bond issuance in 2023 is not likely to repeat the growth rates seen in the last few years. While governments and agencies could slightly accelerate ESG issuance in 2023, financial institutions' ESG bond supply will lose some steam.

Orban sparks diplomatic storm with football scarf featuring Greater Hungary

Tamas Csonka in Budapest November 23, 2022

Ukraine, Romania, Croatia, and Slovakia protested against the gesture, which comes at a time Hungary faces growing isolation in Europe.

Ukraine faces one of worst declines in GDP from a war, says EBRD

Robert Anderson in London November 22, 2022

The contraction in Ukraine’s GDP will be among the worst 10-20% of those in conflicts in the last 200 years, the development bank predicts in its 2022/23 Transition Report.

EBRD warns of risk of 'zombification'

Robert Anderson in London November 22, 2022

Development bank recommends countries should now gradually dial down help to vulnerable companies, so they can either learn to adapt to the new climate of higher interest rates or exit the market by going into insolvency.

Czech premier to attend V4 meeting despite boycott of Hungary by parliamentary leaders

Albin Sybera November 21, 2022

Contrasting stances demonstrate differences within Czechia on how to respond to Budapest's collaboration with Moscow.

Hungary faces risk of severe economic instability if it does not get frozen EU funds, warns Oxford Economics

Robert Anderson in Prague November 18, 2022

Consultancy says economy could face hard landing even if it convinces Brussels to release funding frozen over its abuse of the rule of law.

Private equity poised for growth surge in CEE despite macro and geopolitical crises

Clare Nuttall in Glasgow November 16, 2022

Fund managers surveyed by Bain & Company point to region’s strong macroeconomic fundamentals and catch-up potential.

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