Latest news with #HUF
Budapest Times
2 days ago
- Business
- Budapest Times
Mixed trends in trade as exports slip and imports gain
The volume of export decreased by 2.3%, while that of import lessened by 0.1% in April 2025, compared to the same period of the previous year. The surplus was EUR 1.4 billion, the balance lessened by EUR 354 million, year-on-year. The adjusted volume of export improved by 3.4% compared to March 2025, that of import increased by 1.1%. In April 2025 the value of export amounted to EUR 12.3 billion (HUF 5,021 billion), that of import was EUR 11.0 billion (HUF 4,460 billion). In April 2025 compared to a year earlier the value of export decreased by 1.5% and that of import improved by the same rate in EUR terms. According to calendar-adjusted data, the volume of export increased by 0.4%, that of import by 2.1%. The balance of the external trade in goods decreased by EUR 354 million. The HUF price level of the external trade in goods increased by 4.4% in export and by 5.2% in import, compared to the same month of the previous year. The terms of trade worsened by 0.8%. The HUF exchange rate depreciated by 3.6% against the EUR and strengthened by 0.9% against the US dollar. The export volume of machinery and transport equipment increased by 0.5%, its import volume by 0.9%. The aggregate commodity group counterbalanced the volume decrease in total turnover by 0.3 percentage points on the export side, and by 0.4 percentage points on the import one. The export volume of manufactured goods decreased by 7.5%, their import volume lessened by 7.4%. The aggregate commodity group deepened the total turnover's volume decrease in export by 2.3 percentage points and by 2.9 percentage points in import. The export volume of fuels and electric energy increased by 39%, their import volume was 43% higher than one year earlier. The growth in the turnover of fuels and electric energy counterbalanced the volume decrease in total turnover by 1.1 percentage points in export and by 2.6 percentage points in import. The export volume of food, beverages and tobacco lessened by 13%, their import volume decreased by 2.0%. The volume change realised by the aggregate commodity group hastened the export volume decrease by 1.0 percentage point, and moved the turnover in a negative direction on the import one by 0.1 percentage points. The volume of export to the EU-27 member states decreased by 3.5%, the import from there by 6.3%. The balance of the external trade in goods improved by EUR 29 million, generating a surplus of EUR 1.4 billion. This group of countries accounted for 74% of exports and 71% of imports. In the extra-EU-27 trade the volume of export increased by 2.8%, that of import improved by 16%. The balance of the external trade in goods with these countries worsened by EUR 383 million, showing a deficit of EUR 41 million. In January–April 2025 the value of exports amounted to EUR 50.0 billion (HUF 20,257 billion), that of imports to EUR 44.6 billion (HUF 18,090 billion). In January–April 2025 compared to one year earlier the volume of export increased by 0.5%, that of import grew by 1.9%. The balance of the external trade in goods decreased by EUR 267 million, the surplus was EUR 5.4 billion. The HUF price level of the external trade in goods increased by 5.4% on the export side, and by 4.8% on the import one, compared to the same period of the previous year. The terms of trade improved by 0.6%. The HUF depreciated against the EUR by 4.2% and by 5.6% against the US dollar.
Budapest Times
3 days ago
- Business
- Budapest Times
Gulyás: We'll stand up against unreasonable price increases
Prime Minister Viktor Orbán had earlier emphasized that the meeting focused on three key issues: margin regulation, the Demján Plan for small businesses, and the fight against cyber fraud. The government has decided to extend the price margin regulation until the end of August. This policy aims to curb unjustified price hikes, especially on essential goods. 'We are taking action against unwarranted price increases,' stated Minister Gulyás, underscoring the administration's resolve to protect consumer interests during inflationary periods. The cabinet also unveiled new support avenues for small and medium-sized enterprises (SMEs), including the Demján Plan, which promotes entrepreneurial growth through targeted incentives. Government spokesperson Eszter Vitályos reported strong interest in the 1+1 SME investment promotion program, which has attracted over 1,800 applications, including 937 from small businesses. Additionally, the 'Every Business Should Have a Website' initiative received more than 10,900 applications, with support already disbursed to 653 companies. In response to the surge in cyber fraud, particularly involving banking scams, the government has prioritized cybersecurity. Minister Gulyás cautioned the public about suspicious calls from unknown numbers impersonating bank representatives. He confirmed ongoing governmental cooperation with financial institutions to intercept illicit transactions. Authorities attribute more than 80 percent of recent cybercrimes to Ukrainian criminal networks, which have caused over HUF 8 billion in damages, with only HUF 1.5 billion recovered so far. The cabinet also approved the issuance of food vouchers for pensioners, following recommendations from elderly advocacy groups. Worth HUF 30,000 and distributed in multiple denominations, these paper-based vouchers will be usable in local shops, markets, and major retail chains nationwide. Legislative and regulatory details are expected within weeks. Further addressing public infrastructure, Minister Gulyás challenged the Budapest leadership to explain the disappearance of over HUF 200 billion in budget surplus since former mayor István Tarlós left office. He questioned how financial plans like the proposed Rákosrendező real estate acquisition were possible months ago, while the capital's transit company now faces operational threats. Finally, the government has launched an emergency drought relief program, allocating HUF 4.7 billion to refill reservoirs and canals. The initiative aims to mitigate the impact of summer droughts on agriculture by enhancing water management infrastructure and boosting preparedness. From economic intervention to digital security and disaster mitigation, the Hungarian government continues to prioritize resilience and public welfare through active governance.
Budapest Times
4 days ago
- Business
- Budapest Times
Századvég: Brussels could plunge Hungary into an energy crisis
The Europe Project 2025 study, recently released by the Századvég Foundation, provides stark evidence of the growing energy crisis across the European Union. According to the data, 22 percent of Europeans are unable to properly heat their homes, and 26 percent have missed utility payments at least once in the past year due to financial constraints. These figures have more than tripled since before the current crisis, showing that over 65 million additional people in the EU are now energy-poor. Hungary, however, remains the exception. With just 9 percent of households struggling with heating and 12 percent behind on utility payments, Hungary reports the lowest energy poverty levels in the entire EU. These results are credited to the country's utility cost reduction policy, which uses strict regulatory pricing to protect families from market shocks and inflation. But these protections are under threat. Brussels is currently pushing a new package of sanctions that would ban all imports of Russian energy into the European Union. If implemented, the plan would cause wholesale gas prices to double, rising from 35 to nearly 70 euros per MWh, and possibly more due to market speculation. As a result, Hungary's energy costs would rise by up to HUF 1.1 trillion annually, rendering its current price protection scheme financially unsustainable. Prime Minister Viktor Orbán has warned of the consequences. 'Without our utility cost reduction program, Hungary would also be in trouble,' he stated in a public message. He pointed out that if the Brussels proposal were enacted, Hungarian families would see heating costs jump to 3.5 times their current level. This would raise annual household expenses from HUF 176,900 to HUF 625,000, an increase of nearly half a million forints per year. Monthly electricity bills would double from HUF 7,000 to 14,000, and gas bills would climb from HUF 16,000 to 54,000. Hungary currently imports around 7.5 billion cubic meters of Russian gas per year, which accounts for a significant portion of its national consumption. Replacing this supply on the open market would be significantly more expensive, and the necessary infrastructure for alternatives, such as LNG, remains limited. The Századvég analysis also estimates that since 2022, high energy prices and reduced export opportunities have already cost Hungarian households an average of HUF 2.2 million. A complete ban on Russian gas would add another 448,000 forints in annual expenses, compounding the burden of other EU policy priorities such as military aid and accelerated accession for Ukraine. As the Europe Project 2025 findings illustrate, Hungary's regulatory model has been crucial in shielding citizens from the worst effects of Europe's energy crisis. Prime Minister Orbán is now calling on voters to support continued resistance to EU energy sanctions through the upcoming Voks 2025 opinion poll, stressing that this is a 'life-or-death issue for every Hungarian family.'
Budapest Times
6 days ago
- Business
- Budapest Times
Hungarians' heating bills would quadruple and electricity bills double if Russian energy ruled out, PM says
Prime Minister Viktor Orbán said in an interview with public radio on Friday that Hungarians' heating bills would quadruple and electricity bills double if the Ukrainians' plan to prevent European Union member states from buying Russian energy pans out. PM Orbán said it would cost Hungary an additional HUF 800bn a year if the country had to replace its energy from Russia with other sources. He added that the amount was equivalent to the annual government support for the regulated utilities price scheme for households. PM Orbán said the majority of EU member states had adopted energy policies that made hurting Russia, and thus helping Ukraine, a priority, rather than supporting their own countries' families and businesses. Hungary is opposed to that position and is clashing with the member states that take it, PM Orbán said. He added that the government would not allow sanctions on Russian energy to be extended to Hungary. PM Orbán said the Ukrainians were behind the policies to raise energy prices, adding that it wasn't unreasonable to speak about 'Ukrainian energy threats'.
Budapest Times
21-05-2025
- Business
- Budapest Times
Real wages grow by 3.5 percent
Full-time employees' average gross earnings were HUF 714,400 and average net earnings reached HUF 490,400 in March 2025. Average gross earnings grew by 8.5%, net earnings increased by 8.4% and real earnings were 3.5% higher than a year earlier. Median gross earnings were HUF 550,000, and median net earnings were HUF 381,700, surpassing the value for the same period of the previous year by 8.6% and 8.3%, respectively. In March full-time employees' average gross earnings were HUF 714,400, which was 8.5% higher than a year earlier. Average net earnings reached HUF 490,400, being 8.4% higher than in March 2024. Regular average gross earnings (without premiums and one-month bonuses) were estimated at HUF 648,700, being 8.4% higher than in the same period of the previous year. The regular average gross earnings amounted to HUF 645,800 in the business sector, HUF 647,000 in the budgetary sector and HUF 681,400 in the non-profit sector, rising by 8.0%, 9.1% and 9.9%, respectively, over a year. Real earnings were up by 3.5%, along with a 4.7% increase in consumer prices compared to the same period of the previous year. Median gross earnings were HUF 550,000, being 8.6% above the level a year earlier. Median net earnings reached HUF 381,700, surpassing the value for the same period of the previous year by 8.3%. In January-March 2025 full-time employees' average gross earnings amounted to HUF 680,400, and average net earnings were HUF 467,600. Average gross earnings increased by 9.2% and average net earnings by 9.1% compared to the same period of the previous year.
