In comparison to the corresponding period of the previous year, the retail sector expanded by 5.2 percent in October, and by 5.1 percent in the first ten months of the year. Thus, Hungary’s retail sales turnover has been rising for the sixteenth consecutive month. This indicates that turnover growth will persist, as refunds by banks and the phasing out of foreign currency loans can further fuel growth.
Wages in real terms were 3.7 percent higher in October and thus the positive upward trend which has been in place for 22 consecutive months continued, as the latest data released by the Hungarian Central Statistical Office (KSH) show.
Minister for National Economy Mihály Varga presented the “Investor of the Month” award to Nemak Győr Alumíniumöntöde Ltd; while Hidrofilt Vízkezelést Tervező és Kivitelező Ltd was awarded the “SME of the Month” title, and in the category of “Startup of the Month” the Minister handed the award to Indivizo Ltd at a ceremony held in the building of the Ministry for National Economy in Budapest.
MPs have adopted the 2015 Budget that aims to strengthen families, create jobs and stimulate economic growth, Minister for National Economy Mihály Varga said.
In October 2014, Hungary’s industrial output increased by 1.7 percent and thus the sector has been expanding for the fourteenth consecutive month. In the first ten months of the year, the sector registered growth of 7.8 percent, while it has expanded by 15 percent since January 2010. This growth has been based on a sound economic structure, as output was higher not only in every Hungarian region but also in the majority of manufacturing sub sectors.
In November 2014, consumer prices fell by 0.7 percent in comparison to the corresponding period of the previous year, and thus the inflation rate is near a record-low level.
Hungary’s tourism traffic continued to grow in the month of October 2014: the number of guests was up by 7.5 percent and that of tourism nights increased to almost 2 million. Steadily rising tourism traffic has also resulted in higher revenues: accommodation fees were up sharply, by 18 percent over the past one year, and totalled HUF 17.5bn. The expansion in October was also bolstered by the autumn school holiday and the subsequent long weekend, but various tourism development projects, improvement in the quality of services and the SZÉP Card have also added to the sector’s growth.