Economic news
Economic News
29/11/2021
Health situation
In Hungary, Covid-19 cases are still at their peak. There have been 1,096,718 cases of contamination and 34,326 deaths linked to the coronavirus recorded since the start of the epidemic (for a population of 9.6 million inhabitants). The vaccination campaign week (without appointment) was a real success and was extended by an additional week. More than 60% of the Hungarian population is fully vaccinated (minimum 2 doses).
From November 20, 2021, wearing a mask becomes compulsory in almost all closed places.
Christmas markets can be held. The locations provided in the city of Budapest can be used on presentation of a health pass. The Hungarian immunity card or the European health pass must be presented accompanied by a valid identity document.
Restrictions:
In order to protect the health of their employees, employers can oblige them to wear masks remains compulsory in hospitals and social establishments;
The immunity card / European health pass is not necessary to access the following establishments, among others: restaurants, hotels, leisure places (baths), performance halls with seats to be reserved, cultural events, conferences;
Economic situation
The rebound of the epidemic in recent weeks has led the finance ministry to be slightly less optimistic than in the summer. He now forecasts GDP growth of 6.8%, compared to a range of 7-7.5% previously. The economy has recovered to its pre-crisis level thanks to a contribution from all sectors, primary, secondary and tertiary.
Inflation peaked at 6.5% in October (+ 5.5% in September), a 9-year high. The main driver of inflation in Hungary is mainly due to rising commodity and energy prices, as elsewhere in Europe.
The unemployment rate is still trending down (3.9% in October) but paradoxically the number of vacant positions is increasing.
Recent investments
Ceva Phylaxia, one of the world's leading animal vaccine production companies, is investing in Hungary for the creation of a storage unit for its vaccines. Ceva-Phylaxia's investment of 8 billion forints (around 22 million euros) will create the largest frozen vaccine storage facility in the European Union, said Minister of Foreign Affairs and Trade outside, Szijjártó Péter, on November 23 minister who participated in person at the inauguration. The 44 hectare site will store frozen and semi-finished vaccines in the warehouse, which is to be stored in liquid nitrogen at -196 ° C.
Ceva-Phylaxia Oltóanyagtermelő Zrt is one of the oldest French companies in Hungary, founded 30 years ago in Budapest. Last year, its turnover was 33.230 billion forints, or 91 million euros. On October 5, the company had 957 employees.
Sources: French Embassy, HIPA, Nouvelle Gazette
