According to financial accounts data, general government net borrowing was 5.9 pct of GDP in the four quarters to 2009 Q3. Net lending of households amounted to 3.6 pct of GDP over the period. Net lending of non-financial corporations was equal to 2.2 pct of GDP in the year to 2009 Q3. Overall, net borrowing of the total economy (or net lending of the rest of the world) was 0.2 pct of GDP in the four quarters to 2009 Q3, according to financial accounts data.General government net borrowing amounted to HUF 1,538 billion or 5.9 pct of GDP in the four quarters to 2009 Q3. In 2009 Q3, the sector's net borrowing was HUF 246 billion, the equivalent of 3.8 pct of quarterly GDP.At the end of 2009 Q3, general government consolidated gross debt at nominal value, consistent with the definition of debt reported to the European Commission under the excessive deficit procedure, was HUF 20,423 billion, or the equivalent of 78.4 pct of GDP.
Despite the severe Hungarian automotive market situation, Suzuki managed to keep its number one position in 2009 with 8,112 registered passenger cars.Suzuki is not only the winner of 2009, based on passenger car registration data, but it has also maintained its pole position in the Hungarian market for 13 consecutive years. With a 13.48 pct cumulative market share of passenger cars, Suzuki has again topped its competitors in 2009.Even though the Hungarian passenger car market showed a terrible downturn of more than 60 pct in 2009, customers still seem to favor Suzuki vehicles most, clearly reflected in the sales figures of the brand with a total of 8.112 registered units throughout 2009.
In 2009 Q3, Hungary's external financing capacity (the combined surplus on its current and capital accounts) amounted to EUR 1.052 billion (HUF 286 billion).After adjusting for seasonal effects, the country's external financing capacity was close to 4 pct of GDP (EUR 1.268 billion), improving by 11 percentage points and 1 percentage point from the end of 2008 and the previous quarter respectively.The surplus on real economic transactions continued to offset the deficit on the income account in the period under review. As regards trade in goods, expenditure on imports and export revenue exceeded the levels recorded in the previous quarter. The balance of EU transfers (EUR 701 million) also added to the increase in the financing capacity. The improvement in the income account balance was closely related to falling corporate profits; however, there was no further improvement in the balance of interest income compared with the previous quarter.
The number of mobile Internet subscriptions of the three domestic mobile operators grew in November.By the end of November the number of mobile Internet subscriptions of the three domestic mobile operators grew from 803 thousand in October to 865 thousand.Traffic per subscriber - calculated on the basis of subscriptions involved in data transfer - has dropped from 1.56 to 1.53 Gbytes the National Communications Authority of Hungary (NHH) published in its mobile Internet flash report.The number of active cards (those that had been used over the last three months) within the total number of subscribers rose from 527 to 666 thousand in November.
The city of Székesfehérvár is starting an HUF 8.5 billion sewerage investment, supported by HUF 6.5 billion in European Union funding, that will improve the water quality of nearby Lake Velence, National Development and Economy Ministry State Secretary László Varjú said on December 29.The investment could be completed within two years.
The National Development and Economy Ministry tried to establish economic cooperation between Hungary and countries less affected by the crisis in 2009, as well as maintain connections with its traditional export markets, the ministry said in a statement on December 28.Among the countries in the region, the ministry made a special effort to strengthen bilateral relations with Montenegro, Turkey and Serbia.The ministry also said it had signed altogether 75 contracts on support for investments in Hungary, which had been decided on a case-by-case basis since 2004. These investments were worth HUF 1,404 billion and created almost 33,000 new workplaces.
US Sherman's Travel Magazine has placed Budapest among the Top 10 Value for Money destinations for 2010.The article published in the online edition of the magazine also reports that Budapest represents better value for money than Prague and 2010 will be dedicated to festivals. Budapest is the only European destination on the list. Other suggestions include Jamaica, Las Vegas, Mendoza, Namibia, Panama and Bangkok.
Magyar Telekom is included in the international sustainability stock exchange index CEERIUS for 2010. The index, reflecting the increasing weight of responsible investments, includes companies from eight countries of the CEE region that show the best performance in sustainability.The CEERIUS (Central and Eastern European Responsible Investment Universe) responsible investment index was launched by the Vienna Stock Exchange (Wiener Börse) in 2009 and it includes companies from eight countries of the region that perform the best from environmental, social and economic aspects.
PriceWaterhouseCoopers has published its alerts on tax and financing related regulation changes in Hungary: New Civil Code Regulations on FactoringNew Civil Code Leasing Agreements
Bloomberg Hungary Keeps Deficit within Goal to Meet IMF Terms Click here to read Reuters Key 2010 Emerging Europe Political RisksClick here to read
PWC on Subsidies PriceWaterhouseCoopers is keeping track with the changes of regulations, which intend to mitigate the negative effects of the crisis. The Hungarian government has taken enormous efforts to support the employers in order to reduce the number of the unemployed. Click here for more information Book Review History in my life - A memoir of three erasby IVÁN T. BERENDUniversity of CaliforniaIván T. Berend, the author of the book is both a historian and an economist. He was the rector of the Budapest-located Karl Marx University of Economics and participated in the peaceful regime change during the late '80s as a decision maker in the system. Professor Berend soon left to the US and became an expert of state socialism and post-war economic history of the CEE region. In his book, published by the George Soros-funded Central European University Press, Professor Berend offers an exciting journey in the recent Hungarian history with revolutions, regime changes and the most various socio-economic systems.Click here for more information
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