Tuesday May 13 2014
Hungary Consumer Prices Fall 0.1%
Hungarian Central Statistical Office | Joana Taborda | joana.taborda@tradingeconomics.com

Hungary’s annual inflation rate dropped 0.1 percent in April of 2014, following a 0.1 percent increase in the previous month, driven by lower cost of electricity, gas, clothing and footwear, motor fuels and consumer durable goods.

Year-on-year, alcoholic beverages and tobacco recorded the highest increase (7.3 percent). In contrast, food prices decreased 0.5 percent, driven by lower cost of flour (20.0 percent), sugar (17.1 percent), edible oil (13.8 percent), egg (7.6 percent) and seasonal food items (4.9 percent). In contrast, cost of milk (10.3 percent and cheese (9.5 percent) increased. Prices of water charges and sewerage disposal decreased by 11 percent and local transport fell by 6.8 percent.  Consumers paid 1.9 percent less for motor fuels and 4 percent less for clothing and footwear. Cost of electricity, gas and other fuels fell the most on the year by 10.3 percent.

On a monthly basis, prices grew 0.1 percent. Upward pressures came from cost of food (0.3 percent) and clothing and footwear (2.3 percent). In contrast, prices of services did not change and cost of alcoholic beverages and tobacco as well as electricity, gas and other fuels fell 0.3 percent each. 




Friday April 25 2014
Hungarian Unemployment Rate Falls to Nearly 5-Year Low
Hungarian Central Statistical Office | Isabel Felino | isabel.felino@tradingeconomics.com

In the first quarter of 2014, Hungary jobless rate fell to 8.3 percent from 8.6 percent in the previous period and 11.8 percent a year earlier.

In the first three months of 2014, the number of unemployed people was 370 thousand, 139 thousand fewer than in the same period of 2013. Each of the seven statistical regions was characterized by decreasing unemployment.

In January to March of 2014, the unemployment rate of male population decreased by 4.3 percentage points to 8.1 percent, year-on-year, while the unemployment rate among women declined by 2.5 percentage points to 8.5 percent.

The unemployment rate of the 15–24 age group was 21.4 percent, 9.1 percentage points lower than a year ago.

The number of people looking for a job for one year or more was 51.6 percent, while the average duration of unemployment was 18.7 months.


Friday April 11 2014
Hungarian Inflation Rate Unchanged in March
Hungarian Central Statistical Office | Isabel Felino | isabel.felino@tradingeconomics.com

The annual consumer prices increased 0.1 percent in March of 2014, unchanged from 0.1 percent in the previous month. A year earlier, the inflation rate was recorded at 2.2 percent.

Upward pressures came mostly from cost of alcoholic beverages and tobacco (+7.9 percent), and services (1.8 percent). On the other hand, prices fell for electricity, gas and other fuels (-10.0 percent), motor fuels (-1.1 percent), clothing and footwear (-0.4 percent), and consumer durable goods (-0.2 percent).

On a monthly basis, prices increased 0.2 percent compared to 0.3 percent in February. Higher prices were recorded for clothing and footwear (0.6 percent) due to the seasonal change, and for other goods including motor fuels and lubricants (0.5 percent). 

Food cost increased by 0.1 percent due to higher prices for milk (1.8 percent), potatoes, fresh vegetables and fruits (0.8 percent). Price fall was registered for oil (2.9 percent), egg (1.4 percent), pork (1.2 percent), and flour (1.0 percent). Prices of electricity, gas and other fuels showed no change.

Core CPI increased 0.10 percent from February to March of 2014. The annual rate increased to 2.7 percent in March.


Friday March 28 2014
Hungary Unemployment Rate Falls to 8.6%
Hungarian Central Statistical Office | Isabel Felino | isabel.felino@tradingeconomics.com

In the three months to February of 2014, Hungarian jobless rate fell for the fourth consecutive month, from 8.9 percent in the previous period and 11.6 percent a year earlier. It is the lowest rate in five years.

By December 2013 – February 2014, the number of unemployed people decreased by 123 thousand to 379 thousand, over one year. The unemployment rate for the 15–24 age group recorded 23.3 percent, decreasing 5.9 percentage points from last year. 

52.1 percent of unemployed people had been searching for a job for one year or more. The average duration of unemployment was 18.9 months.

Employment rate increased to 60.4 percent in the period of December 2013 – February 2014, recording 4,053 thousand of employed people (236 thousand more than a year ago).


Tuesday March 11 2014
Hungarian Inflation Rate Edges Up in February
Hungarian Central Statistical Office | Isabel Felino | isabel.felino@tradingeconomics.com

The annual consumer prices accelerated to 0.1 percent in February, after falling to zero in January, as food prices remained unchanged following a 0.2 percent drop in the previous month.

Upward pressures came from prices of alcoholic beverages and tobacco (+8.1 percent) and services (+2.1 percent). Contrarily, prices declined for household energy (-10.3 percent), motor fuels (-1.5 percent), durable consumer goods (-0.6 percent), clothing and footwear (-0.2 percent).

Monthly inflation was recorded at 0.1 percent, slowing from 0.3 percent in the previous month, as prices of food and durable goods decelerated to 0.2 percent and 0.1 percent, respectively. Cost of electricity, gas and other fuels remained unchanged.

Core inflation, which excludes food and fuel, rose to 2.8 percent in February, compared with 3.4 percent in January.


Wednesday March 05 2014
Hungary GDP Expands 2.7% YoY in Q4
KSH | Joana Taborda | joana.taborda@tradingeconomics.com

Hungarian economy advanced at a faster 2.7 percent in the last quarter of 2013, in line with a preliminary estimate and boosted by investment. The figure compares with 1.8 percent growth in the previous three-month period.

On the production side, agriculture recorded the highest annual growth rate (22.2 percent) due to the excellent harvest. The gross value added of industry increased by 3.3 percent, as manufacturing expanded 5.1 percent and construction rose by 10.4 percent, mainly construction of buildings and civil engineering works. Services output increased by 1.3 percent yoy. 

On the expenditure side, household consumption increased by 1.0 percent yoy as expenditure on transport, accommodation, recreation and culture, food as well as housing, water, electricity, gas and other fuels increased.

Gross fixed capital formation rose at a higher rate than in the previous quarter (10.4 percent). Both construction investments and investments in machinery and equipment rose at rates exceeding 10 percent. 

The volume of exports rose at a higher rate than that of imports (8.8 percent and 7.6 percent respectively).

On a quarter-on-quarter seasonally adjusted basis, the GDP expanded 0.5 percent in the fourth quarter of 2013, down from a preliminary 0.6 percent estimate. 

Considering 2013 as a whole, the economy expanded 1.1 percent, recovering from a 1.7 percent contraction in 2012, boosted by agriculture and construction output.




Wednesday February 26 2014
Hungary Unemployment Rate Continues to Fall
Hungarian Central Statistical Office | Joana Taborda | joana.taborda@tradingeconomics.com

In the three months to January of 2014, Hungarian jobless rate fell for the third straight time to 8.9 percent from 9.1 percent at the end of December and 9.3 percent in November.

Compared with the same period last year, the number of unemployed people decreased by 94 thousand to 393 thousand. The unemployment rate for the young population was 24.2 percent in January, slightly up from 24.1 percent in the previous period. 

53.6 percent of unemployed people had been searching for a job for one year or more. The average duration of unemployment was 19.3 months. 

The number of employed people was 4030 thousand, 175 thousand more than a year ago. 


Wednesday January 29 2014
Hungary Unemployment Rate Falls to 9.1%
Hungarian Central Statistical Office | Joana Taborda | joana.taborda@tradingeconomics.com

In the period October to December 2013, the unemployment rate in Hungary decreased to 9.1 percent, down from 9.3 percent in the previous period and 10.7 percent a year earlier. The number of unemployed people was 403 thousand, 65 thousand less than in the same period of 2012.

The unemployment rate for the 15–24 age group was 24.1 percent, 3.3 percentage points lower than a year ago. 

The unemployment rate of those aged 25–54, was 1.6 percentage points lower than a year ago (8.2 percent), while the rate for persons aged 55–64 increased by 0.2 percentage point to 7.3 percent. 

54.9 percent of unemployed people had been searching for a job for one year or more. The average duration of unemployment was 19.7 months. 

Out of the seven statistical regions, three (Central Transdanubia, Western Transdanubia and Southern Transdanubia) had an unemployment rate below 8 percent. In all regions, except in Southern Great Plain, unemployment decreased compared with the same period last year.


Wednesday January 15 2014
Hungary Inflation Rate Slows to 43-Year Low in December
Hungarian Central Statistical Office | Joana Taborda | joana.taborda@tradingeconomics.com

In December of 2013, Hungary’s annual inflation rate slowed to 0.4 percent, the lowest rate in more than 40 years, mainly due to a sharp fall in utilities' prices. Core inflation rate which excludes food and fuel remained unchanged at 3.5 percent.

Year-on-year, food prices rose 0.1 percent, lower than 0.4 percent in December. Price increase were observed for cheese (8.5 percent), milk (6.3 percent) and pasta (3.0 percent). Price decreased were seen for flour (18.8 percent), egg (14.2 percent), edible oil (13.2 percent) and sugar (11.3 percent). 

Cost of water charges, sewerage disposal and refuse disposal decreased around 11 percent, local transport grew by 4.9 percent. Consumers paid 0.7 percent more for motor fuels; 1.6 percent less for consumer durable goods and 1.1 percent less for clothing and footwear. 

In the case of electricity, gas and other fuels prices decreased 17.7 percent: electricity (-20.1 percent), natural gas (-20.0 percent) and purchased heat (- 18.7 percent).

On a monthly basis, prices fell for the third straight month by 0.5 percent.


Friday January 03 2014
Hungary Unemployment Rate Falls to Near 5-Year Low
Hungarian Central Statistical Office | Joana Taborda | joana.taborda@tradingeconomics.com

In the period September to November 2013, Hungary’s jobless rate decreased to 9.3 percent, the lowest rate since February of 2009, as the employment rate of people aged 15–64 increased by 1.5 percentage points over a year earlier.

Among the 15–74 year-old male population, 220 thousand were unemployed, 34 thousand less than a year earlier and unemployed women reached 190 thousand. 

The unemployment rate for the 15–24 age group was 24.7 percent, 4.3 percentage points lower than a year ago. The unemployment rate of those aged 25–54 decreased by 1.3 percentage point to 8.3 percent while the rate for persons aged 55–64 increased by 0.3 percentage point to 7.4 percent. 

55.1 percent of unemployed people had been searching for a job for one year or more. The average duration of unemployment was 19.4 months. 

In September–November 2013, the number of employed people was 4012 thousand, 2.2 percent more than in the same period of the previous year.