Hungary
Low base and pre-election handouts lift Hungary's GDP growth by 8.2% y/y in Q1
The impact of sanctions on Russia, higher financing costs and lower purchasing power amid rising inflation are likely to dent growth in the coming quarters.
Hungary’s leading IT firm teams up with Rheinmetall to develop digital combat system solutions
JV with 4iG aims to develop digital combat system solutions as well as ground and flight simulation systems for the provision of the most modern soldier training.
Hungary’s automotive sector sputters in March, but growth in electronics remains strong
Headline industrial output growth slows to 3.6% y/y, down from 4.8% in the previous month.
bneGREEN: Raising EU green targets will cost an extra €195bn
The European Commission is considering raising its renewable energy target for 2030 to 45% in new green plans to be published later in May.
Hungary’s core inflation gallops into double-digit territory
Headline inflation in Hungary accelerated to 9.5% y/y in April, from 8.5%, while core inflation edged up from 9.1% to 10.3%.
EBRD expects 30% GDP contraction in Ukraine in 2022, lowers emerging Europe projections
The EBRD has cut its 2022 emerging Europe growth forecasts again, reflecting a sharp downgrade for Ukraine and the regional fallout from the war and sanctions.
Consortium led by Hungary’s richest man wins 35-year motorway concession
Orban's favourite oligarch wins motorway management tender in which apparently no other bidders competed.
Impairments and provisions on Russian and Ukraine operations puts Hungary's OTP in red in Q1
OTP booked a total of €190mn in provisions and €237mn in writedowns in Q1, largely due to exposure to Russia and Ukraine.
Hungarian government weighs alternatives to Russian energy
The fundamental problem remains that the government has done little to lessen its dependence on Russian energy sources over the past 12 years; if anything, it has deepened its dependence.
Hungary says it would veto EU’s Russian oil embargo in current form
Budapest still blocking EU consensus despite being offered extension until end of 2023.
Czechs join Slovakia and Hungary in demanding exemption from EU embargo on Russian oil
Heavily-dependent states will be allowed to buy Russian oil exports until the end of 2023, while other states have to cease crude deliveries in six months.
_1651557096.jpg)
Hungary 'to continue to oppose EU sanctions on Russian oil'
Zoltan Kovacs, Hungary’s State Secretary for International Communications, says Budapest remains opposed to proposals to ban the import of Russian crude oil and natural gas into the EU.
NEMETHY: How will the war in Ukraine affect Emerging Markets?
We have all heard the adage that a butterfly flapping its wings in the Amazon could affect the weather patterns on the other side of the planet. Might the war in Ukraine also have such unintended consequences?
Hungary's dependence on Russian energy will make ending those ties very painful
Viktor Orban opposes energy sanctions on Moscow because Hungary is so dependent on Russian supplies, but it is his regime that has deepened those energy links.
Visegrad Group needs to 're-invent itself", says Rupnik
The Visegrad Group of four Central European countries is in “deep freeze” because of the Hungarian-Polish split over the Ukraine war, says Sciences Po professor.
EC triggers rule of law conditionality mechanism against Hungary
Commission cites Hungary's systemic irregularities and deficiencies in the management of EU funds and its lack of anti-graft measures.
Emerging Europe growth to fall to an average of 3% this year, says wiiw
Russian GDP forecast to fall by 9-15% this year, while Ukraine's economy could collapse by 38-45%.
Hungarian central bank maintains pace of monetary tightening
Monetary Council of the National Bank raises base rate by 100bp to 5.40%.
_Cropped.jpg)
Election results in France and Slovenia go against Orban
The election defeat of Slovenia’s populist SDS means the Hungarian strongman has one less ally in the European Council at a crucial time when the EU is set to trigger the rule-of-law mechanism against Hungary.
Ukraine conflict will trigger recessions across CEE, says Capital Economics
Russian GDP forecast to slump 12% in 2022, while Ukraine's GDP will halve. Bulgaria, Slovakia and the Baltic states will have two quarters of negative growth.
