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 @Hungary’s gross domestic product (GDP) dropped by 4.0% year on year in the fourth quarter of 2009, according to raw data and decreased by 4.1%, according to figures adjusted for calendar effects, the Central Statistics Office (KSH) has reported on Wednesday. Seasonally adjusted numbers showed an 0.4% quarter-on-quarter contraction. The Hungarian economy contracted by 6.3% yr/yr in the whole of 2009, unprecedented since the change of regime. more » "Hungary would still be on the verge of sovereign default if it was not for the IMF credit, said Zsigmond Járai, former Governor of the central bank (NBH). He also told a conference in Budapest on Tuesday that the c.bank pursued a wrong monetary policy and that it should have lowered interest rates drastically. He noted that Hungary would need to rewrite its Convergence Programme as quickly as possible and advised against rushing into the euro zone while the economy is fragile. What the country needs is a kind of a "fiscal dictatorship" where political survival is not the only driving force. more » "The surprise jump in Hungary’s inflation to 6.4% in January has made a deep impression on analysts and, as a consequence, they now project the country’s inflation path to be considerably higher in 2010 than before. The market presently sees it unlikely that the headline CPI figure will drop to below the central bank’s medium-term goal (3.0% +/- 1ppt) this year. more » "Hungary’s competition authority (GVH) has approved Bonafarm Zrt., an interest of OTP Bank Chairman-CEO Sándor Csányi, to acquire 100% of salami maker Herz Szalámigyár Zrt., and all of its movable and immovable property. Herz has been under liquidation. more »|
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