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Hungary steps up EU fund disbursement in January

The monthly disbursement of EU funds in Hungary was nearly HUF 290 bn in January, a two-year high, Portfolio's latest monthly analysis reveals. This puts the total amount disbursed above the HUF 7,000 bn mark. Meanwhile, Hungarian authorities have cancelled a large number of contracts in economic development tenders, which means that the number of grants awarded has decreased in January. Transfers by the EU only amounted to HUF 45 bn last month as domestic allocations picked up, which means that the budget had to finance a larger amount of programmes.


The monthly amount of EU funds disbursed was HUF 287 bn in January according to Portfolio calculations, substantially more than in recent months and higher than any time during the past two years. The biggest increase was in the Economic Development and Innovation Operational Programme (EDIOP/GINOP) and the Integrated Transport Development Operational Programme (ITDOP/IKOP).

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Source: https://www.portfolio.hu/en

Industrial Output Rises 5% in 2019 Despite Drop in December

Output of Hungary’s industrial sector dropped by an annual 1.2 percent in December last year, dropping for the first time since June, albeit from a high base, data released by the Central Statistical Office (KSH) on Thursday show.

In the base period, industrial output had risen by an annual 6.4 percent.

Working day-adjusted data showed a 3.7 percent annual increase for the same month.

KSH said output of automotive manufacturing, which has the biggest weight in the industrial sector, “fell significantly”, while output growth of computer, electronics and optical equipment manufacturing, another big segment, slowed. Output of the food, drink and tobacco products segment “continued to increase”, KSH added.

Month-on-month, output dropped by 3.8 percent.

Industrial output rose by 5.4 percent for the full year.


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Source: https://hungarytoday.hu/

New university management courses to support knowledge transfer, R&D and innovation
One of the most important objectives of the renewing Hungarian innovation system is to foster close collaboration between university knowledge centres and the business sector in order to translate R&D activities into practical solutions.

Processes already started across the ecosystem increase demand for manysided experts with strong management skills: Corvinus University of Budapest and the University of Pannonia announced at a joint press conference the launch of new postgraduate courses in research and innovation management in February 2020. The Ministry for Innovation and Technology and the National Research, Development and Innovation Office will both support the programme.


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Source: https://nkfih.gov.hu

Hungary rises four places in Bloomberg innovation ranking
Hungary moved up four places from last year in the Bloomberg Innovation Index, now ranking as 18th. The country performed better in five of the seven indicator groups which form the basis of the overall ranking. It is good news that Hungary made significant progress in the fields of productivity, the share of high-tech companies and R&D intensity.

A leading US business magazine, Bloomberg has published the Bloomberg Innovation Index (Bloomberg II) since 2006 which ranks countries based on their overall innovation capability.


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Source: https://nkfih.gov.hu


Monthly Bulletin of Economic Trends I January 2020

Macroeconomic trends in Hungary
Hungarian economic tendencies will be presented in the article below via an overview of the most important macroeconomic indicators such as GDP, employment, gross wages, investments, industrial production and foreign trade, from directly after the crisis to 2019.

In 2009 the Hungarian economy found itself in a remarkably deep crisis. The recession was almost as severe as the transformational crisis (1991-1995) caused by the regime shift. The crisis resulted in plummeting economic performance - GDP fell 6.5% by the end of the year 2009. This downward tendency slowed down in the first half of 2010, turning into growth in mid-2010, and in the second half of the same year the growth rate was back at the pre-crisis level. Then in 2011, owing to the crisis of the Eurozone, the international economic environment became quite unfavourable again.

The Hungarian economy relapsed in 2012, with GDP dropping by 1.5%. Finally, recovery came in 2013 with a growth rate of 2.2%, and the next year saw a 4.1% growth year-on-year. There was a mild slowdown in 2015 and 2016 with growth rates of 3.5% and 2.2% respectively, followed by a surge to 4.1% in 2017. 2018 was a top year when GDP growth shot up to 5.1%. The first three quarters of 2019 saw similar growth rates. In the first two quarters, economy grew by 5.2%, and in the third quarter the rate was somewhat lower at 4.8% compared to the same period of the previous year.

Recovery after the crisis was much slower in Hungary than in its number one target country for exports, Germany. On all accounts, the Hungarian crisis was much deeper than the one Germany had to recover from. Furthermore, recovery in Hungary could only start later than in Germany. Although recession affected the two economies at an equal strength and at an equal speed, in the first quarter after the turning point in 2009 the German economy could recover remarkably quickly. By early 2011 the German economy had been back at pre-crisis levels and has grown almost unintermittently ever since. Hungary, on the other hand, had to deal with a prolonged recession, only reaching pre-crisis levels in the third quarter of 2014. The growth rate difference between the two economies levelled out between the first quarter of 2016 and the fourth quarter of 2017, and in 2018 the Hungarian growth rate spiked up and overtook that of Germany. In 2019 the Hungarian growth rate difference was 6-7% over Germany.


To read further, click on the attached document below

Download this file (MBET_2001_200211.pdf)MBET_20201


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