Money Buzz! Europa

Tag: budapest

  • LOT to launch another direct flight from Poland to Budapest (Hungary)

    LOT to launch another direct flight from Poland to Budapest (Hungary)

    LOT will launch at the end of August another direct flight between Poland and Hungary. Flights on Wrocław-Budapest route will be operated initially once per week by LOT’s Bombardiers Q400.

    Tickets are already available for sale.

    Starting from 24 August, LOT’s flights between Wrocław and the capital of Hungary will have the following timetable:

    LO 2535 WRO-BUD 01:30 p.m. – 02:45 p.m. Mondays

    LO 2536 BUD-WRO 03:35 p.m. – 04:50 p.m. Mondays

    Increase frequency of the flights from September

    Starting from September this year, Poland’s flag-carrier will increase the frequency of the flights on regular European routes, offering several flights per week to Larnaca or Nice, as well as a dozen or so flights to, among other destinations, Frankfurt, Amsterdam, Paris and London.

    At the same time, the frequency of flights to Brussels, Prague, Budapest and Vilnius will increase to nearly twenty per week.

    In total, LOT offers more than 130 connections to over 70 destinations.

  • Average gross earnings at HUF 390.000 in Hungary

    Average gross earnings at HUF 390.000 in Hungary

    In May 2020, average gross earnings amounted to HUF 398.800, 9.4% higher than a year earlier. In January–May 2020, average gross earnings amounted to HUF 390.000, average net earnings were HUF 259,300; both grew by 8.8% compared to the same period of the previous year.

    Full-time employees’ average gross nominal earnings at corporations employing at least 5 persons, at budgetary institutions and significant non-profit organisations in respect of employment, amounted to HUF 398.800 and excluding fostered workers were HUF 409.800.

    Average net earnings were HUF 265.200 excluding tax benefits and HUF 274.500 including them.

    Both average gross earnings and average net earnings excluding tax benefits grew equally, by 9.4%. Average net earnings including tax benefits rose to a greater extent, by 9.9%, compared to the same period of the previous year, in relation to a temporary decrease as well as elimination of social security payment obligations in certain economic branches.

    Average gross regular earnings (gross earnings without premiums and one-month bonuses) were estimated at HUF 370.600, which is 8.4% higher than a year before.

  • The coronavirus pandemic will put pressure on the revenues of regional and local governments

    The coronavirus pandemic will put pressure on the revenues of regional and local governments

    Moody’s Public Sector Europe said in a report that the coronavirus pandemic will put pressure on the revenues of regional and local governments in the Czech Republic, Poland, Hungary, Russia and Turkey in 2020, leading to higher deficits and debt burdens.

    The economic contraction caused by the coronavirus shock will translate into falling shared taxes and own-source revenues for RLGs in these five countries.

    Their combined funding needs will exceed €25 billion in 2020, up from €21 billion in 2019, before returning to pre-crisis levels in 2021.

    Regional and local governments in Turkey and Poland are the most vulnerable to a prolonged crisis due to high debt exposure and modest operating performance, respectively.

    Regional and local governments’ debt burdens will increase in all five countries before stabilising in 2021 as revenues pick up, except Turkey.

    Turkey, Poland and Hungary will record the highest debt burden increase in 2020.

    “Regional and local governments in the Czech Republic, Poland, Hungary, Russia and Turkey will be hit hard by the coronavirus shock in 2020,” said Vladlen Kuznetsov, a Moody’s Vice President – Senior Analyst and co-author of the report. “However, they will be able to weather the shock, given their mix of good fiscal flexibility, low debt burdens, and low refinancing risks.”

  • SPAR Hungary expands its online grocery platform to Tatabánya

    SPAR Hungary expands its online grocery platform to Tatabánya

    SPAR Hungary has recently expanded the catchment area of its e-grocery platform to the INTERSPAR Hypermarket Tatabánya, in the Northwest of Hungary, as well as nine communities around the popular holiday destination Lake Velence.

    Launched in May 2019, SPAR Hungary’s e-grocery home delivery and drive-in service initially covered the capital city, Budapest, and 49 surrounding municipalities.

    The online shop provides the same extensive range of 20.000 products at the same price as any INTERSPAR Hypermarket in the country.

    Customers can receive their groceries during 2-hour time slots six days a week, from Monday to Friday between 10 am and 8 pm, and on Saturday between 10 am and 6 pm. A novelty in Tatabánya is that orders placed before 10 AM are delivered on the same day after 2 pm.

    SPAR has launched a new campaign promising customers that if there is a delay in the delivery of their groceries, even by just one minute, customers will receive a coupon worth HUF 1,000 (almost €3,00) as a compensation for any inconvenience caused.

    This campaign will last until the end of this month.

  • Hungary: Construction output volume decreased by 20.1% in May

    Hungary: Construction output volume decreased by 20.1% in May

    The volume of construction output was 20.1% lower in May 2020 compared to the high base of the previous year, latest Statistics Hungary data shows.

    Output decreased in both main groups of construction: in the construction of buildings by 24.0%, in civil engineering by 15.6%. Based on seasonally and working day adjusted indices construction output lessened by 20.3% compared to the April data.

    The effects of the economic processes altered by the coronavirus epidemic were significant in May.

    In May 2020, compared to the same month of the previous year

    The volume of output decreased in both main groups of construction: in the construction of buildings by 24.0% and in civil engineering by 15.6% compared to the high base of the last year.

    Out of the divisions of construction, output volume went down by 16.8% in the construction of buildings, by 12.0% in civil engineering while specialised construction activities lessened by 27.8%.

    The volume of new contracts decreased by 7.4%, within it the volume of new contracts concluded for the construction of buildings was 47.6% higher than the low base of the previous year, while their volume for civil engineering works was 29.1% lower than one year earlier.

    The volume of the May end-of–month stock of contracts at construction enterprises was 14.5% lower than at the end of May 2019. The volume of contracts increased by 14.1% for the construction of buildings and decreased by 25.6% for civil engineering works.

  • Interspar Tata is ”Store of the Year” in Hungary

    Interspar Tata is ”Store of the Year” in Hungary

    SPAR Hungary’s Interspar Tata has been named ”Store of the Year” in the hypermarket category by Store Insider magazine. SPAR Hungary was also crowned ”Green Retailer of the Year”.

    Interspar Tata, SPAR’s 34th hypermarket in the country, was opened last year and is equipped with environmentally friendly technologies inside and out.

    The 5.200 sqm store opened after an investment of €13 million and provides jobs for 78 team members. It has a unique horizontal supporting structure with beams and ceiling panels made entirely from wood.

    The use of environmentally friendly materials is complemented with environmental friendly technologies.

    SPAR Hungary also installed ozone-friendly cooling systems and refrigerator doors and energy-efficient LED-lighting.

  • MOL selects Driivz to power electric vehicle charging infrastructure

    MOL selects Driivz to power electric vehicle charging infrastructure

    MOL has chosen Driivz technology to manage its electric vehicle (EV) charging network.

    Driivz provides a robust and scalable operating system for global EV charging with its end-to-end EV charging and energy management software platform.

    MOL currently operates chargers in the Czech Republic, Slovakia, Slovenia, Croatia, Hungary, and Romania, and by the end of 2020, EV drivers will be able to charge on the company’s network from the Czech border to the Adriatic and Black seas.

    The expanded charging infrastructure and services position the Hungarian oil company as a dominant player in the EV market in central and southeast Europe.

  • International tourists spent 98% less nights in Hungary in May

    International tourists spent 98% less nights in Hungary in May

    In May 2020, as a result of the coronavirus epidemic, international tourists spent 98% and domestic tourists 86% fewer tourism nights in commercial accommodation establishments (hotels, boarding houses, camping sites, bungalow complexes and community hostels) compared to the same period of the previous year.

    88% of all tourism nights were spent by domestic guests. Total gross sales revenues declined by 93% at current prices in commercial accommodation establishments.

    Compared to the same month of the previous year the number of foreign arrivals and foreign tourism nights fell by 99% and 98% respectively, with 4 thousand guests spending 22 thousand tourism nights in accommodation establishments.

    The majority of nights were spent in hotels, with the number of tourism nights not reaching 1% of the May value of the previous year in Budapest and the Balaton region.

    75 thousand domestic guests (87% decrease) spent 167 thousand tourism nights (86% decrease), with the latter falling most in community hostels and hotels and least in boarding houses and camping sites.

  • Hungarian industrial production decreased by 30.7%

    Hungarian industrial production decreased by 30.7%

    Latest KSH date show that in May 2020 the volume of industrial production lagged behind the high base of the previous year by 30.7%. Based on working-day adjusted data, production declined by 27.6%.

    The production volume decreased in every manufacturing subsection. An outstanding fall was observed in the largest weight representing manufacture of transport equipment, while the manufacture of computer, electronic and optical products, as well as the manufacture of food products, beverages and tobacco products declined to a lesser degree.

    In the first five months of the year production was 13.8% lower than in the same period of the previous year.

    Industrial output in May – according to seasonally and working-day adjusted indices – was 15.6% above the level of the previous month.

  • Hungary: Prices increased by 2.9% in June 2020

    Hungary: Prices increased by 2.9% in June 2020

    Consumer prices were 2.9% higher on average in June 2020 than a year earlier. Significant price increases were measured over the past year for food as well as alcoholic beverages and tobacco.

    In 12 months, compared to June 2019 food prices went up by 7.8%, within which the price of other meat preparations became 20.5%, that of seasonal food items (potatoes, fresh vegetables, and fresh domestic and tropical fruits together) 18.1%, pork prices 17.0%, the price of sugar 14.2% and salami, sausages and ham prices 10.8% higher.

    The price of alcoholic beverages and tobacco rose by 6.7% on average, within which tobacco prices by 11.1%. Motor fuel prices were cut by 11.6%.

    Compared to May 2020 consumer prices were up by 0.4% on average. Food prices decreased by 0.6%, within which seasonal food items (potatoes, fresh vegetables, and fresh domestic and tropical fruits together) became 3.2%, milk 1.7%, other meat preparations 1.4% and poultry meat 1.3% cheaper. 

    Consumer durables and services both became 0.3% more expensive. As an impact of rising oil prices, motor fuels cost 9.3% more for consumers.

  • Sales of retail shops in Hungary decreased by 2.1%

    Sales of retail shops in Hungary decreased by 2.1%

    In May 2020 the volume of sales in retail shops decreased by 2.8% according to raw data and by 2.1% when adjusted for calendar effects compared to the same period of the previous year, shows KSH.

    The volume of sales, adjusted for calendar effects, rose by 1.8% in specialized and non-specialized food shops, by 0.7% in non-food retail shops and decreased by 13.8% in automotive fuel retailing.

    In January–May 2020, the volume of sales – also according to calendar adjusted data – was 1.5% higher than in the corresponding period of the previous year.

    Declining retail sales in May 2020 were largely driven by the impact of the coronavirus epidemic, with epidemic emergency causing an 8.6 percentage point decrease, turning the estimated 6.5% increase without the epidemic into a 2.1% decline.

    The volume index for non-food retail shops was 11% lower, while automotive fuel retailing was 19 percentage points lower than previously estimated. Food store sales were only slightly affected by the impact of coronavirus.

  • Unemployment rate at 4.1% in Hungary

    Unemployment rate at 4.1% in Hungary

    KSH shows that in the period of March–May 2020, the average number of unemployed people was 190 thousand, and the unemployment rate was 4.1%.

    Men and women were characterized by almost the same level of unemployment, and the value of the indicator increased to a similar extent for both sexes.

    In May 2020, the number of unemployed increased by about 28 thousand people compared to the previous month. The average number of unemployed people was 215 thousand, and the unemployment rate was 4.7%

    Compared to the previous month, the number of unemployed increased by 28 thousand and compared to May 2019 by 55 thousand.

    The unemployment rate rose by 0.6 percentage point in one month and by 1.2 percentage points in one year.

    The number of inactive people decreased significantly, by 59 thousand, as most of those who had previously become unemployed began to actively look for work after the restrictions on personal relationships were lifted.

    Of these, 31 thousand have started work, increasing employment levels.

    However, a further 28 thousand, despite actively looking for work and being able to start work within 2 weeks, could not find a job, increasing the number of unemployed.