October 2008

Hungary to Propose EU Take Unified Steps Against Effects of Financial Crisis at Ecofin Meeting

Hungary will propose to EU finance ministers that EU countries take unified measures against the global financial crisis.

GKI Sees GDP Growth Picking up to 3.0 pct in 2009 – Extended

Hungary's economy will expand 3 pct in 2009, picking up from 2.7 pct GDP growth in 2008.


Electrolux Goes Ahead with Planned Hungary Investments Despite Financial Crisis

Swedish household appliance maker Electrolux will still spend EUR 26 million on investments.


Magyar Telekom agrees with unions on staff cuts saving annual HUF 1.8 billion

Hungarian telecommunications service provider Magyar Telekom on October 6th 2008 said it reached an agreement with trade unions to cut up to 300 staff at the parent company in 2009, saving an annual HUF 1.8 billion in payroll costs.


Hungarian-Russian Intergovernmental Committee for Economic Cooperation Meets in Moscow

Hungarian-Russian relations and co-operation in business, energy and science were high on the agenda of the 4th session of the two countries' intergovernmental committee for economic cooperation in Moscow on September 30th 2008.


Hungary General Government Deficit 2.1 pct of GDP, 2007 Deficit Revised Down to 5.0 pct

General government deficit has been reduced from the Q1 result of 2.4 pct of quarterly GDP to 2.1 pct in of the quarterly GDP for Q2.


Government Financing Requirement 3.5 pct of GDP in 4 Quarters to End-June, Down from Preliminary

Government financing requirement for the four quarters ending June was 3.5 pct of GDP.


Hungary PMI Drops to Adjusted 50.3 in September

Seasonally-adjusted Purchasing Manager Index (PMI) for September is down by 1.6 in comparison to August data.


Gestor, BPI Hungary Plan EUR 45 million Conversion of Rundown Buildings in Capital

Hungarian property developers Gestor and BPI Hungary plan to spend EUR 45 million to convert a block of rundown buildings in Budapest's District IX into offices, shops and a hotel, the companies' heads announced at the site on October 1st 2008.


European Commission Fines MOL EUR 23 million for Participation in Paraffin Wax Cartel

The European Commission has decided to fine Hungarian oil and gas company MOL EUR 23 million for its participation in a paraffin wax cartel, European Commissioner for Competition Policy Neelie Kroes announced on October 1st 2008.


News Monitoring