In the interests of delivering some kind of balance (and not wishing to join the ranks of what one former British Prime Minister of recent vintage dismissed as “the doomsters and the gloomsters”), I will happily admit that our Real Estate Matters column rejoices in the headline “Dynamic Growth Continues in Hotel Market.” So, it isn’t all, well, doom and gloom, but you get the point.
Others can feel that air of economic unease. Many of the analysts quoted in our Macroscope column, based on the latest rate setters’ meeting of the National Bank of Hungary (MNB), think it is increasingly unlikely that we will see a cut this year: the base rate has been held at 6.5% since September 2024.
The governor of the MNB, former Minister of Finance Mihály Varga, has implied that macroeconomic data for the second quarter also indicates a subdued economic performance; the economy could essentially stagnate, he implied. It seems fairly nailed on that Hungary won’t hit the growth targets initially laid out by the government, and much of what will influence the development of the markets here depends on matters elsewhere, such as geopolitical tensions and trade tariffs. Germany has performed slightly better than expected, though far from “going gangbusters.” It isn’t much to hold on to, but given the importance of the German economy to Hungary, perhaps it does offer a ray of hope.
*****
This is the last print issue of the Budapest Business Journal before our annual August close-down. However, you need not worry about keeping up-to-date with the latest business and economic news coming out of Budapest: our website will be updated as usual, and the Hungary A.M. newsletter will continue to go out on weekday mornings, alongside its Energy and Regional companion titles. And, of course, there are plenty of special publications available for purchase through our webstore if you are looking for a little summer reading.
Plans are being developed for our regular Back to Business BBJ Mixer in early September, and work has already begun on the annual Book of Lists publication, which will come out towards the end of the year. The Budapest Business Journal itself will return on Friday, Sep. 5, with a Special Report dedicated to Green Business.
All that is left to say is that we hope you get a chance to take a break from the workplace (although the office air conditioning does become much more of a draw in the summer!), can spend some time with family and friends, catch up on some much-needed rest and relaxation, and return recharged and ready to go as we enter the final four months of the year. It has flown by, hasn’t it?
Robin Marshall
Editor-in-chief
This editorial was first published in the Budapest Business Journal print issue of July 25, 2025.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
