Czech central bank predicts average inflation of 15.8%, lowers GDP growth estimate
Czechia will face economic headwinds into next year
Polish companies dominating in Central and Eastern Europe
Polish companies play an outsized role in Central and Eastern Europe
Poland: Inflation reaches a new high in October
The country’s struggles with rampant inflation have seen food and non-alcoholic beverage prices soar by 21.9 percent and energy prices spike by 41.7 percent
Minister expects Polish economic growth at over 2% for 2023
Polish Minister of Economic Development and Technology Waldemar Buda has forecast that the Polish economy will not fall into recession
Czech inflation soars to 18%, highest level since 1993
The housing sector contributed the most to this acceleration, especially energy and fuel prices
A hostile EU is behind Hungary’s weakening currency
Brussels is conducting financial warfare against Hungary
Poland’s GDP growth in 2021 was 0.9% higher than reported
According to the correction, the Polish economy grew by 6.8 percent in 2021 on a year-over-year basis
Polish złoty hits record low against US dollar and Swiss franc
According to experts, the weakening of the Polish currency can benefit exports but currently also boosts inflation
Crisis looming as 60% of German households dipping into their savings to stay afloat
Germans are increasingly living paycheck to paycheck, and according to experts, the real pain has not even hit yet
Poland’s industrial output growth ‘exceeded expectations’ of economists
According to experts, a recession in Poland in the third quarter is less likely, as producer price inflation remains stable and industrial output growth improves in Poland
Dire threat: Hungary’s EU funding could be cut by €7.5 billion after European Council vote on Nov. 19
Hungary is between a rock and a hard place as funding-cut vote looms
‘Production in Germany is no longer competitive’ – CEO at world’s largest steel manufacturer warns of crisis as plants shut down
If the German steel industry goes dark, other huge swaths of Germany’s and Europe’s industry will go offline as well, says the CEO of ArcelorMittal
Two main pillars of Ukrainian economy in dire straits
The war is crushing Ukraine’s economy
Reviving tradition, Warsaw to test Hungarian Ikarus electric bus
Ikarus buses used to be quite popular in Eastern Europe before the fall of communism
Poland: Inflation hits yet another record, surprising many economists
Polish economists were expecting inflation to decrease, instead it rose once again
Hungary’s price caps are very expensive to maintain and should be scrapped, says economics minister
The measures were only meant to ease a price shock temporarily, Márton Nagy said
Hungary’s central bank raises base interest rate to 18-year high to fight inflation
Further hikes are expected as inflation looms large
Italian debt default could be biggest-ever shock to eurozone, hedge funds bet €39 billion against Italy in August alone
Hedge funds are betting on an Italian financial collapse
75% of Ukrainians working in Poland regularly support their families in Ukraine
Ukrainians abroad work and support their families in war-torn Ukraine, data provided by Gremi Personal employment agency shows
Poland’s property market downturn may slow economy
Developers are beginning to limit the supply of new properties on the market in response to a marked slowdown in sales
The Vistula Spit canal construction deals heavy blow to Polish opposition’s ‘impossibilism’
The nervousness of the Polish opposition is due to the Polish government’s successful investments, writes editor-in-chief of Sieci weekly Jacek Karnowski
Germany’s blocking of EU funds for Poland is against interests of its own entrepreneurs, says Polish professor of economics
Zbigniew Krysiak believes the political situation in Germany is increasingly unstable
Forecast: Nuclear power in Poland should account for close to 40% of energy mix by 2040s
The Polish Institute of Economics (PIE) says Poland’s nuclear power program should raise Polish GDP by over 1 percent
Czechs storm into Poland for cheaper shopping and gas
The prices of oil, cigarettes, clothing, and even gravestones are especially attractive in Poland due to the government’s VAT reduction policy
Mercedes to invest €135 million in Romania despite automotive slowdown
The auto company is also seeking €37 million in support from Romania
Hungary’s OTP Bank posts record Q2 profit despite windfall tax
Hungarian banking giant posts stellar results in the second quarter
Hungary seen as best in region for weathering economic crisis
Despite its heavy economic ties with Russia, Hungary will weather the war-induced economic crisis better than its regional peers, a recent study suggests
Hungarian consumer protection agency slaps 300 million forint fine on Ryanair
Ryanair will contest the fine in court
EU prepares fresh €8 billion aid package to Ukraine
The new package will be part non-refundable aid and part loans
Removing Hungary’s smallest-value coin from circulation not worth the effort, says Central Bank
Retiring the coin would cost more than keeping it in circulation, Central Bank Governor György Matolcsy explained
The spicy issue of mustard and gas
A small jar of spicy mustard reflects the essence of our current problems, Magyar Hírlap columnist Dániel Galsai writes
PM Orbán’s 10 points to shield Hungary from global recession
Border defense, family-centric policies, and political stability are key areas of focus for the Hungarian government
Poles spent €2 billion from their own pockets in three months to help Ukrainian refugees
In total, Poland is estimated to have spent €5.29 billion on its assistance to neighboring Ukraine
German industry begins to stutter as energy crisis hits
Some 16 percent of companies have already begun to scale back production
Mercedes invests another €1 billion in Hungarian plant
The car industry is one of the most important pillars of the Hungarian economy
‘Europe is weakened by its own sanctions,’ says Hungarian finance minister
Europe is heading towards an economic slowdown or even outright recession, according to Mihály Varga
Poland’s ruling party leader slams those plotting against PM, insists government approach to tackling inflation is necessary
Jarosław Kaczyński said that his party’s government refuses to saddle the population with the full costs of inflation
Global minimum tax is reminiscent of communist times, says Hungarian foreign minister
Péter Szijjártó was speaking at a U.S. conservative advocacy group meeting
Hungarian parliament approves 2023 budget aiming for 4.1% economic growth
The country’s budget deficit is estimated to be 3.5 percent of GDP, while inflation will sit at 5.2 percent
Poles still boycotting Russian goods and companies refusing to leave Russian market
Despite the results of one recent survey, the current economic environment may change this trend
European Commission significantly ups Hungarian growth forecast to 5.2 percent
Hungarian economic growth expected to be double that of the eurozone in 2022
Poland’s weakened currency will keep Poles stuck behind Western Europe in terms of pay and living standards
The purchasing power in Poland is 68 percent of the EU’s average
Most Poles drastically changing their vacation plans due to cost-of-living crisis
According to one survey, 57 percent of Poles have changed their holiday plans as a result of rising prices, with 21 percent actually canceling their trips altogether
US dollar at record level against Polish zloty
The dollar is being strengthened by the U.S. Federal Reserve’s efforts to fight inflation, a buoyant labor market, and the country’s energy self-sufficiency
Hungary hikes interest rate by another 200 basis points
Hungary’s central bank warns that interest rates will likely be hiked even higher
Russia posts highest current account surplus since 1994
Russia’s foreign trade surplus is also rising massively due to energy exports
Poland under pressure to join eurozone, says central bank’s head
Adam Glapiński says there is enormous pressure from “one of Poland’s neighbors” for Poland to introduce the euro currency, but he will not succumb to it
Inflationary spiral in Poland fueled by pay and demand
According to an economist at the Warsaw School of Economics, the level of inflation in a country depends on the structure of the economy and degree of development
Hungary says US pressures it to accept global minimum tax
Hungary will not give up its tax sovereignty, Finance Minister Mihály Varga vowed
Hungarian inflation hits 24-year record in June
Hungary’s national bank expects further hikes in the cost of living until September
Inflation to peak soon in Poland, predicts chief economist
The chief economist of the Polish bank PKO BP forecasts that the rate of inflation should slow down in the near future
Eurozone inflation hits new record of 8.6%
Soaring energy prices are the main driver behind inflation
‘The findings are shocking’ – Germans entering poverty at record rate as inflation and COVID destroy prosperity
There are “more poor people than we’ve ever had,” said the director of a leading German social welfare association
Hungary hikes interest rates by whopping 185 basis points
Hungary’s central bank is taking bold action to stem rising inflation
Poles expect Ukrainian refugees to find work during stay in country, polling shows
A survey finds that the majority of Poles demand the new arrivals find work and send their children to Polish schools
Data shows the Polish consumer is under pressure
Rising prices and higher interest rates dampened consumer spending in May, but the influx of Ukrainian refugees and their added consumption has helped to moderate the slowdown
Romania follows Hungary’s lead on fuel price cap after prices more than double
Opposition parties fear shortages and a black market over the move
Hungarian Parliament rejects global minimum tax with overwhelming majority
A 15 percent global tax would put Hungary at a competitive disadvantage
Hungary makes world-first kosher matches with new formula free of pig gelatin
The big novelty uses vegetable binding agents instead of pig gelatin
Hungarian NGO accuses Ryanair of ‘unfair commercial practices’
After Ryanair’s CEO first called a Hungarian official an “idiot” for Hungary’s windfall tax, there is now a debate about the extra fees Ryanair customers are facing in Hungary
Hungary advances three places in global competitiveness ranking
When it comes to IMD’s ranking, Hungary is now ahead of Poland and Slovakia but still trails Czechia
Hungary could make $600 million a year due to oil import exemption
Hungary introduced a windfall tax on high-margin sectors of the economy last month
Ryanair CEO upset over windfall tax slams ‘idiot’ Hungarian minister
Michael O’Leary said a government should not be interfering with an airline’s pricing policy
‘Poland cannot copy Western solutions to fight inflation,’ says Kaczyński
Combating inflation is one of the most important issues for the Polish government, said Deputy Prime Minister Jarosław Kaczyński
Hungary extends war emergency until November
The government needs to act quickly to mitigate the effects of an economic crisis mostly brought about by the war in Ukraine
Hungarian inflation reaches double digits
Despite Hungary’s struggles with inflation, data show it is performing slightly better than its regional peers
Czechia experiences biggest decline in living standards in its history
A very dangerous inflationary motivation is driving Czech spending habits: “Spend what you can now, as it will be more expensive tomorrow”
Hungary has lowest utility bills in Europe
Natural gas in Amsterdam costs almost 10 times as much as in Budapest
Poland: Inflation breaks records after soaring to 13.9%, economists warn of further increases
It’s not over yet, warn Polish economists
Each time Chancellor Scholz calls the Kremlin, alarm bells should ring across Europe
If Europe is not united in containing Germany, the next catastrophe is just a matter of time, warns Marek Pyza for portal wPolityce.pl
Natural gas prices to triple in Romania
After Romania began to liberalize its energy prices in July 2020, Romanians are getting hit hard with energy inflation
German inflation hits 49-year high and prices are expected to rise further
Energy prices are the main factor driving the increases, and a major insurance company is warning prices could still accelerate upwards
Poland seeks to attract major investors during World Economic Forum as PM assures attendees of country’s economic stability
“Poland is not threatened by recession,” says Polish PM Morawiecki in Davos
Entrepreneur Mészáros remains Hungary’s wealthiest with assets valued at €1.22 billion
Last year his fortune grew by 60 billion to 480 billion Hungarian forints (€1.22 billion)
Hungary’s windfall tax to mainly target energy companies and banks
The windfall tax will add 800 billion Hungarian forints (€2 billion) to the state’s coffers
Hungary slaps windfall tax on corporations to cover costs of war
Banks, telecommunications, and energy companies are among those to be taxed to help pay for defense costs and utility price caps
Hungary crowned the marriage capital of Europe
Budapest’s strong family policies are linked to rising marriage rates, which has led to 200,000 more children over the last 10 years
Are sanctions failing? Russia’s ruble nears 7-year high against euro
The ruble is showing steady signs of recovery despite the crippling effect of economic sanctions imposed on Russia by the West
Revealed: In the 1990s, Germany worked to fragment Poland’s political scene for economic benefit
After the fall of communism, Germany moved fast to buy up Polish media and establish dominant economic relations between the two nations
1 in 4 Brits forced to skip a meal as food prices soar
Twenty percent of British have been forced to take loans to cover living costs
Opportunist Ukrainians raid Poland’s second-hand car market due to abolition of customs charges
The export of second-hand cars from Poland to Ukraine is fast exceeding supply as deregulation of customs charges sparks free-for-all and long queues on the Polish-Ukrainian border
Hungary needs a self-sufficient economy, ministerial candidate tells parliamentary committee
Hungary is already self-sufficient in food production but must do more to reduce its dependency in other sectors, such as energy
The pandemic crisis is over for the Polish economy
The Polish economy is recovering quickly after two years of Covid-19 restrictions, writes Grzegorz Siemionczyk for the Rzeczpospolita newspaper
Russians line up for their last McDonald’s meal after franchise announces intention to leave Russia
Those who take over the restaurants won’t be allowed to use the McDonald’s branding, logo, or menus
Hungarian GDP jumps 8% in Q1, but leaner times seen ahead
The impact of the war was not yet felt in first-quarter data
Poland should come before Germany when it comes to rebuilding Ukraine
Jakub Maciejewski, the war correspondent in the Donbas for portal wPolityce.pl, writes that the scale of the destruction of Ukraine is such that Poland, if it is to be a key player in the post-war process, must have a strategy in place to handle the reconstruction process
Hungarian tourism shows strong signs of recovery
War in Ukraine has so far not had a significant impact on tourism
Adopting the euro currency won’t fix Poland’s economic problems
The CEO of the Warsaw Stock Exchange, Marek Dietl, warns that joining the eurozone should not be treated as a panacea for temporary shifts in the Polish economy
Poll: Majority of Poles feel decline in standard of living due to inflation
In March, prices increased in Poland by 12.3 percent year-on-year, which is the highest inflation level since 1997
Germany’s tragicomic energy policy: Vital natural gas project could be blocked to protect porpoises
The latest dispute suggests that finding a solution to replace Russian gas will not be as simple as German newspaper headlines suggest
Poland hit record-high foreign direct investment in 2021
Foreign direct investment in Poland in 2021 saw an 82 percent increase from the year prior
Poland’s interest rates rise once again
Despite Poland’s interest rate increases, inflation may only get worse
Ukrainians could greatly aid Polish economy, says Polish PM
According to government data, 3.5 million Ukrainians now live in Poland
‘Poland and Europe are now passing the real test of maturity,’ says PM Morawiecki on the anniversary of Poland’s EU membership
Poland and nine other European countries, including Hungary, Czech Republic and the Baltic states, joined the EU on May 1, 2004
Polish government reaches truce with union over air traffic controllers’ pay
Polish authorities have signed an agreement with the air traffic controllers union which means that air traffic controllers will remain in work and there will be no closing of the sky over Poland
Iconic Hungarian lighting company lays off half its staff
The historic Hungarian company Tungsram has been running out of Budapest since 1896
To fight inflation, Hungary extends fuel and basic-foods price caps
A cap on key food items will remain in effect until July 1, PM Orbán announced
Hungarian central bank continues interest rate hikes
The base rate now stands at 5.4 percent