Official: Brexit to have minimal impact on Hungarian economy

EU

The impact of the United Kingdomʼs departure from the European Union could be minimal as the countryʼs fundamentals are stable, National Economy Ministry State Secretary Péter Benő Banai said today on state-owned Kossuth radio, according to Hungarian news agency MTI.

The professional consensus is unchanged: Hungaryʼs economic growth rate is expected to exceed the EU average in the coming period, Banai said. 

The impact on Hungary of the U.K.ʼs vote to leave the EU was smaller than on other countries in Europe, he said. The forint weakened, but not as much as the Polish zloty or other currencies in the region, he added.

Banai noted that the share price of OTP Bank, Hungaryʼs largest commercial lender, also weakened less than those of its European peers after the referendum.

OTPʼs share price lost 7.46% on Friday and 2.29% on Monday, but it was up about 2.82% around 1:00 pm today.

ADVERTISEMENT

Industries lose billions on counterfeit products Analysis

Industries lose billions on counterfeit products

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.