Retail sales grow 5.7% in July - led by consumer durables
Driven by above-average growth in sales of consumer durables, retail sales in Hungary continued to grow at a steady rate in July, rising 5.7% when compared to the same month last year, according to adjusted data released by the Central Statistical Office (KSH). Growth for the first seven months came in at 4.9%.
Construction output rises 20% in July as building construction catches up with road works
Construction output in Hungary was up 18.1% year on year in July 2005 according to unadjusted and 19.6% according to working day adjusted figures released by the Central Statistical Office (KSH). This brings growth in the first seven months of the year to 14.6%.
World Bank report: Business environment in Hungary stifled by bureaucracy
The business environment in Hungary remains heavily bureaucratic, it was revealed by the World Bank's annual Doing Business in 2006 report.
Government cuts VAT on fuel from 25% to 20% to mitigate price increases
The government will bring forward a VAT cut on motor fuels originally planned for 2006 in order to curb the effect of recent steep price increases, prime minister Ferenc Gyurcsany announced. The move will lead to an immediate reduction of around 4% in gasoline and diesel prices.
GKI confidence index down a notch in August
While consumer confidence improved slightly in August, business confidence dropped a notch, economic research institute GKI said in its latest monthly confidence report. As a result, the institute's composite confidence index was down 0.5 points to -18.5, unable to gain momentum after five straight months of declines were reversed in July.
