The Monthly Bulletin of Economic Trends of the Institute for Economic and Enterprise Research (IEER) of the Hungarian Chamber of Commerce and Industry (HCCI) deals with two interesting topics. On one hand with the experiences of late payment and debt queues of domestic enterprises. On the other hand with the
potential effects of Brexit that may have an impact on Hungary in the medium term.
The results of the latest quarterly business climate survey reveal considerably more favourable economic condition compared to the previous quarter.
The lowest inflation in almost five decades and unprecedented stimulus in the neighboring euro area is prompting Hungary’s central bank to revisit a pledge to keep interest rates on hold this year. More...
The Pig Site
Livestock and meat markets have reminded us lately of the Anne Murray hit song of the ‘70s entitled “Sure Could Use A Little Good News Today.” And the pork and hog markets got some yesterday as Russia announced that it would begin the process of accepting some pork products from France, Hungary, Italy, Germany, Denmark and Netherlands. More...
October 2014 was the thirty-fourth occasion of the business climate survey of HCCI Institute for Economic and Enterprise Research (IEER), which is Hungary’s largest business climate survey. This year's October survey is based on the responses of 2,853 company managers. The survey results show the business situation and the short-term expectations of managers. The following analysis summarizes the results of the October survey based on a representative sample by economic sectors, regions and number of employees. Compared to the 2012 recession the results confirm that in 2014 a turnaround occurred and a further improvement of the business climate is anticipated. The Hungarian firms’ business expectations improved once again after the rise of last year, indicating a more favourable business climate compared to the previous half year.
Recent years have proven, that developing the economy, as well as keeping the reached results is not possible without innovation.
Hungary’s parliament approved a law that would open the way for the construction of the Russian-backed South Stream natural gas pipeline, Prime Minister Viktor Orban’s latest show of defiance toward the European Union. More...
Central Statistical Office
- Employment, July – September 2014 - In the 3rd Quarter of 2014, the number of employed people was 4,182 thousand, 192 thousand more than a year ago. The employment rate of people aged 15–64 increased to 62.8%. Read or download full report.
- Unemployment, July–September 2014 - In the 3rd Quarter of 2014, the number of unemployed people was 333 thousand, 102 thousand fewer than in the same period of 2013, and the unemployment rate decreased by 2.4 percentage points to 7.4%. Read or download full report.
- Retail trade, August 2014 - According to the second estimate, the volume of retail sales rose y/o/y by a calendar adjusted 2.5% in August 2014. The volume of sales decreased by 1.6% in food, drinks and tobacco stores, while it increased by 6.8% in non-food retail trade and by 4.3% in automotive fuel retailing. Read or download full report.
Prime Minister's Press Office
High-level visits to Budapest, such as that of President of Austria Heinz Fischer, have strengthened the conviction of the Hungarian Government that Austria and Hungary are seeking joint solutions to the challenges faced by Europe, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Wednesday at a business forum organised in Budapest by the Hungarian Chamber of Commerce and Industry. More...
Hungary’s government will swiftly take care of the replacement of its Foreign Minister. Outgoing Tibor Navracsics, who was picked by European Commission President-elect Jean-Claude Juncker to Commissioner for Education, Culture, Youth and Citizenship in the new EU executive, will be replaced by Péter Szijjártó, as expected, local news portal index.hu reported on Friday. More...
The HCCI Institute for Economic and Enterprise Research (IEER) business climate survey in July 2014 shows that the level of business confidence in Hungary continued to improve compared to that seen in the previous quarter, and that for three consecutive quarters a rising business confidence was detected.
Exactly one month from today, about 1000 business representatives from 45 European countries, including 21 from Hungary, will gather in the hemicycle of the European Parliament in Brussels for the third edition of the European Parliament of Enterprises (EPE). The European Parliament of Enterprises is the largest event at EU level that gives the floor directly to entrepreneurs, allowing them to provide politicians with bottom-up feedback on EU policies. For more, click on the title.
Hungary may expand the type of loans for which banks must compensate borrowers and temporarily ban interest-rate increases as lenders fight to prove in court that their lending practices are fair. More...
The HCCI Management has been informed that business people in non-EU countries wishing to enter into business relationship with Hungarian companies received fraudulent letters on behalf of the HCCI claiming money for getting a permit to "trade with suppliers in Hungary". The Hungarian Chamber of Commerce and Industry hereby declares that no foreign business entities, whether from the EU or outside the EU, would need such permit or license to trade with Hungarian companies. (See also this page.) Should you receive a letter same or similar to the attached copy, please inform the Chamber immediately (see contact details at bottom of the page).
MTI - Hungary Today
An exhibition of the famous Zsolnay porcelain manufacture has opened on Friday featuring almost 260 works of art, reported news agency MTI. The title of the exhibition is “A genius family” (Egy zseniális család), and is housed in the renovated former home of the Defense Headquarters in the Buda Castle. More...
Analysts at Hungary’s OTP Bank expect a lower supply on the local government debt market in August-December than in the past few months. In a research note published on Monday they estimate that the country’s gross government debt likely rose to over 85% of GDP in the second quarter - but net debt probably decreased. They expect lower than 80% gross public debt at the end of the year. More...
Monitoring online media can also be used to predict investment activity. A new research by the IEER assessed this possibility. Based on more than 12 thousand articles containing investment-related terms, the researchers determined those types of articles which help the most to forecast investment activity as a whole and, investment activity of the private sector.
If you want to be successful nowadays, you have to be inventive and that can be learned. This is why researches developed the programme for further education “Innoweit – von der Innovation zur beruflichen Weiterbildung“ (“InnoWeit – from the innovation to the vocational further education“). Employees of companies in Bulgaria, Greece, Lithuania, Hungary and Spain can participate, thereby learning how to discover new products as well as advance services and working methods.
Developing a labour-based economy should be the key to achieving a higher living standard in Hungary, said Prime Minister Viktor Orbán opening the competition of vocational training students on Wednesday.
The analysis was produced in the frame of the quarterly SME Perspective, the common analysis of the Institute of Economic and Enterprise Research of the HCCI and Volksbank. The analysis seeks to answer how the perception of corruption perception affects satisfaction with the institutional environment, and which corruption experience mostly effects on satisfaction.
The Flash Eurobarometer "Entrepreneurship in the EU and beyond" details public attitudes to various issues related to entrepreneurship, such as entrepreneurial education, risk-taking, start-ups, obstacles to entrepreneurship and business failures. It also compares these attitudes with other countries, such as the US, China, India and Russia.
to the career action plan worked out by CCIPB, the opening event was a visit to
Hauni Hungaria in August, 2012. Ildiko Jakabucz, Managing Director of the Pécs
based multinational company welcomed the visitors on the site.
It is the
14th year the Chamber of Commerce and Industry of Pécs-Baranya organized the
Chamber Coup Tennis Competition.
The HCCI IEER (Institute for Economic and Enterprise Research) has published its Monthly Economic Information Newsletter for 10 years. The newsletter is from April also in English available. All the issues of the Monthly Economic Newletter can be found on the website of the IEER.
281 participants from 16 countries participated at the Congress of the Central European Chambers Network which took place in Pécs. The three accompanying events were also successful. At the B2Fair meeting 382 business negotiations were registered. At the assembly of the Danube Chambers of Commerce Association besides the approval of the work papers, we could welcome the chambers from
The Chamber of Commerce and Industry of Pécs-Baranya, the City of Pécs and the three industrial parks of the city established a Hungarian and English business portal that introduces the county seat of Baranya as a possible target of investment to both domestic and foreign capital.
Basis of the development of world economy has significantly changed by the end of the 20th century. Quantity of low-cost skilled workforce has been duplicated, the capital markets globalised, the competition became tough, returns became lower, while the customers on the other hand became more demanding, requiring high quality on affordable price. The traditional industries were unable to respond to new challenges. Future demands can be satisfied only through continuous innovation activities. We can deny these changes on the basis of the local patriotism, nevertheless the process will not change. Recognising the above tendencies our chamber started the disclosure of conditions and local opportunities of knowledge-based economic development in the beginning of the 21st century.
Before the last two chamber elections there were amendments of the chamber law, which modify the organism, the competence and the system of the function of the chambers. The liquidation of the compulsory membership of the undertakings, the taking away of administrative tasks, and the assimilation of the Handcraft Chamber into the Chamber of Commerce and Industry of Pécs-Baranya demanded another method from the year 2000.
In the era of knowledge-based societies, it is inevitable to improve traditional education systems and additionally to invest in e-learning and life long learning opportunities. As the Visegrad countries (Czech Republic, Hungary, Poland, Slovakia) are economically lagging behind old member states it is even more important for them to keep up with more developed countries in developing ICT infrastructure and use in education and urge life long learning, in order to close the gap.
The one and a half decades that passed since the start of post-socialist transition brought growing regional disparities in Hungarian economy and society. Differences that existed between Hungarian regions became more pronounced. At the same time regions that prospered earlier became laggards. The Western and Central regions of the country became more prosperous, with buoyant economic activity, while the North-Eastern, South-Western, and Eastern regions experienced growing economic and social tensions. In some of their sub-regions poverty and the proportion of gipsy population increased. This tendency was the result of the educated and non-gipsy population moving away to regions with better possibilities, and the higher birth rates among the gipsy population staying in the impoverished areas. Social segregation has been complemented with an increasing geographic segregation.
One of the latest important issues regarding taxation is the question of transfer pricing in the New Member States (NMS) and in Community of Independent States (CIS) region as well. In the US and developed countries in West Europe, transfer pricing is taken seriously for a long time. NMS and CIS tax authorities seem to realize that appropriate rules and regulations may result in higher tax receipts, so they take transfer pricing documentations more serious than before.