Dunaferr Unions Protest for Wage Payments, New Collective Agreement

Unions of steelmaker Dunaferr in Dunaújváros, in central Hungary, have staged a demonstration demanding that the company should pay employees’ wages and negotiate a new collective agreement. The company unilaterally terminated the collective agreement on August 14, has not started talks on a new deal with employees, and has delayed payment of last month’s wages. […]

Construction Sector Contraction Slows in August

Output of Hungary’s construction sector fell by an annual 13.6% in August, an improvement after a 21.0% decline in the previous month, data released by the Central Statistical Office (KSH) show. Output of the construction sector started dropping in March, when the first pandemic restrictions were introduced, and the decline reached the double digits in […]

Government Launches HuF 12.5 BN Scheme for Young and Unskilled Jobseekers

The government is launching a 12.5 billion forints (EUR 34.4m) scheme to support the placement of 25,000 jobseekers either under the age of 25 or unskilled. Announcing the scheme, the innovation and technology ministry said a new subsidy will cover half of payroll costs of up to 100,000 forints a month for full-time employees, while […]

Hungary Economic Output Forecast to Shrink by 4.7% in 2020 – Takarékbank

Hungary’s economic output is forecast to shrink by 4.7% this year, according to Takarékbank analyst Gergely Suppan. Earlier, Takarékbank forcast a 3.2% contraction. At the same time, output next year is likely to grow by 7.2%, Suppan said. Although much uncertainty surrounds the second wave of the coronavirus pandemic, it appears that the Hungarian economy […]

Impact of Covid-19 Crisis on State-Owned Companies Over HuF 100 BN

The coronavirus crisis will have a direct cost impact of 15 billion forints (EUR 42m), but an indirect impact on profit-and-loss statements of state-owned companies of over 108 billion forints this year, Andrea Mager, Hungary’s minister in charge of state assets, told a parliamentary committee on Tuesday. Mager said state-owned companies that had to maintain […]

IMF Sees Hungary Economy Contracting 6.1% This Year, Rebounding Expanding 3.9% in 2021

The International Monetary Fund (IMF) projects Hungary’s economy will contract by 6.1% this year, but rebounding and expanding by 3.9% in 2021, in its latest World Economic Outlook. The forecast was lowered from a 3.1% contraction, but raised to a 4.2% expansion in the previous WEO released in mid-April, shortly after the country went into […]