The Hungarian government grants more than HUF 10 billion annually to the Hungaroring Formula 1 motorsport racetrack in Mogyoród (22 km northeast of Budapest), which is owned by Austrian company Ostermann Kft., news portal hvg.hu reported.

Output of Hungaryʼs construction sector climbed 26.3% year-on-year in May, data released by the Central Statistical Office (KSH) on Tuesday show. Output volume rose in both main groups of the sector: in the construction of buildings by 27.0%, and in civil engineering works by 25.7%.

Hungarian SMEs and large enterprises may both apply for state research and development grants, with support of HUF 500 million possible for individual projects, Big Four advisory firm Deloitte tells the Budapest Business Journal.

The barley and rape crops are of lower quality than last year, and while wheat quality is adequate, the toxin situation is unfavorable, with agriculture expecting average crop quality in general this year, state-owned warehousing firm Concordia Közraktár Zrt. told the Budapest Business Journal.

Lawmakers approved the 2020 budget with a vote of 127 for, 58 against, and no abstentions on Friday. The budget targets revenue of HUF 21.426 trillion, and expenditures of HUF 21.793 tln, producing a deficit of HUF 367.0 billion, less than half this yearʼs HUF 998.4 bln target.

Lawmakers on Friday approved tax changes earlier announced as part of expanded support for families and a package of tax cuts and growth incentives, Hungarian news agency MTI reported.

Year-on-year output of Hungaryʼs automotive sector, the main engine of industrial growth, rose 17.2% in May, the fastest rate since 2015, shows a second reading of data issued Friday by the Central Statistical Office (KSH).

Some of the better paid seasonal jobs, especially in the field of tourism sweep up workers up from the trade sector, news portal magyarnemzet.hu has reported.

The head of Hungaryʼs State Audit Office (ÁSZ) sees room for a gradual reduction in the 15% personal income tax rate, state news wire MTI reports citing daily Magyar Hírlap.

The European Commission (EC) has raised its projection for Hungaryʼs GDP growth this year to 4.4% in a quarterly forecast released on Tuesday, up from 3.7% in its previous forecast, and over the Hungarian governmentʼs projection of 4.0% growth.   

European Union finance and economy ministers have recommended Hungary take steps to keep government expenditures in check in order to meet its medium-term budgetary objective, state news wire MTI reported. Hungary continues to dispute the recommendations.

Hungaryʼs 12-month consumer price index (CPI) stood at 3.4% in June, slowing from 3.9% in both April and May, the Central Statistical Office (KSH) reported. In a month-on-month comparison, consumer prices dropped 0.2%, after rising 0.7% in May.

The surplus in Hungaryʼs external trade in goods amounted to EUR 678 million in May, growing by EUR 185 mln year-on-year. In euro terms, the value of exports increased by 4.5%, while imports were worth 2.6% more compared to the same month of the previous year.

Hungary has signed an agreement regarding the establishment of a port and logistics base in Trieste, northeast Italy, aiming to facilitate the access of Hungarian companies to export markets, according to media reports.

Hungaryʼs cash flow-based general government, excluding local councils, ran a deficit of HUF 390 billion, or 39.1% of the full-year target at the end of June, the Ministry of Finance said in a preliminary release on Monday, state news wire MTI reported.

The National Food Chain Safety Office (NÉBIH) says that an average six kilograms of vegetables and fruits are thrown away annually by each Hungarian citizen, news site index.hu reported.

While there is a strong inflationary pressure on the Hungarian economy, the National Bank of Hungary (MNB) is not likely to change the course of its dovish monetary policy in the coming months, several London-based analysts say. Others, however, argue that Hungary will, once again, go in the opposite direction to the EU and the United States and might deploy some tightening tools in the near future.

Industrial output in Hungary rose 8.7% year-on-year in May according to unadjusted data, the Central Statistical Office (KSH) said in a first reading of data on Friday, state news wire MTI reports.

Hungarians with big families could use government subsidies available until the end of 2022 to buy almost 18,000 cars, the Hungarian Leasing Association told MTI.

The Government Debt Management Agency (ÁKK) sold a combined HUF 63.5 billion of bonds at auction on Thursday, lowering its original offer by HUF 1.5 bln, state news wire MTI reports.