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14th November, 2024
Sinking industrial output confirmed
Final data released by the Central Statistics Office on Wednesday confirm initial estimates that industrial output was 5.4% lower in September than one year earlier, according to workday-adjusted figures.
Unadjusted data show a 7.2% decline in industrial output.
Both seasonally and workday adjusted figures show output shrinking by 0.7% from August to September.
The performance of industry has not been so poor in four years, Portfolio observes.
Output has been on a downward trend for two years, and it seems that a sudden rebound cannot be expected, the website adds.
Industrial export volume decreased by 5%, year-on-year, while domestic industrial sales dropped by 2.9% in September.
Output of the manufacturing sector, which represents a 96% weight within the industrial sector, was down 8.3%, that of the energy industry fell by 2.2%, while the output of the relatively small mining sector increased by 29%.
Automotive sector production decreased by 11.4%. Within that category vehicle production fell by 14.8% and parts production was down by 8.5%.
The production of electrical equipment, with a weight of 10% in the total, was 10.4% lower than a year earlier. There were declines of 11.6% in EV battery production, and 8.6% in the production of electric motors, power generators, and distribution and control devices.
Over the first nine months, industrial production was 4.3% lower than in the same period of last year.
Industrial exports, amounting to 62% of industrial output, fell by 4.8%, while domestic sales were down by 2.9% in January-September. (ksh.hu; portfolio.hu; novekedes.hu; mfor.hu; economx.hu)
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14th November, 2024
Airbnb makes case in letter to Nagy
Airbnb has issued an open letter to Economy Minister Marton Nagy, as the European Tourism Forum was held in Budapest on Wednesday, urging the government not to ban the short-term accommodation service.
The government has imposed a moratorium on new Airbnb permits in Budapest in 2025 and 2026.
In addition, the Sixth District has outlawed all short-term home rents from 2026.
In the letter, Airbnb asks national and local authorities to recognise the positive effects of home sharing on local and national economies, and to allow Hungarians to continue to share their homes and to obtain additional income in economically difficult times.
Guests of short-term apartment rentals contributed a total of around euro 1.5 billion to Hungary’s GDP last year and, sustains approximately 40,000 jobs, according to the Airbnb letter.
Airbnb warns that disproportionate and ill-considered bans can significantly reduce the possibilities for households and families to supplement their income. (portfolio.hu)
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14th November, 2024
Leasing market expands in Q3
The leasing market reached Ft 684 billion in financing in the third quarter, 7.9% more than a year earlier, the Leasing Association reports.
A total of 61,072 new contracts were signed, 218.6% more than in the same period of 2023.
The total amount of the existing leasing portfolio increased by 6.1% to Ft 2.209 trillion, but the number of existing contracts shrank by 4% to 313,113.
New leases of cars, vans and motorcycles reached Ft 404 billion in the third quarter, accounting for roughly 60% of the market.
The vast majority of 83% of customers signed leasing contracts for new devices.
As much as 87% of the market is still corporate, with the remaining 13% shared by households, the state and other customers.
Leasing Association general secretary Laszlo Koszegi observed that the market for leasing agricultural machinery is declining, due to the lack of state subsidies.
In deals so far this year, 35.6% of the financed amount and 17.7% of the contracts were based on foreign currency, compared to last year’s 41% and 22%, respectively. (portfolio.hu; piacesprofit.hu)
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14th November, 2024
Fewer foreigners buying homes
Roughly 6,300 foreign citizens bought residential units in Hungary in 2023, which is 1,700 fewer than a year earlier, but in some districts of Budapest, one in five apartments sold went to a foreign buyer.
Last year, foreigners accounted for 5.9% of home sales by total, and 7.6% by value.
With the exception of the Vietnamese and the Russians, there were fewer home buyers from all countries than in the previous year.
Most of them were Germans, who accounted for nearly 25% of all foreign purchases, buying 1,473 homes.
They were followed at a large distance by Slovak, Romanian and British buyers, each with purchases of 600-700 apartments.
The largest non-European group was the Chinese, who bought a total of 588 homes, mostly in Budapest.
Vietnamese buyers came second with 267 homes, even more concentrated in the capital.
Some 22-23% of German and Dutch buyers – and 33% of buyers from Switzerland – were over 65 years old.
Half of the units purchased by Germans were in Somogy or Zala county.
The most active buyers in Budapest last year were the Chinese, who bought more than 500 homes. (portfolio.hu; telex.hu)
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