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The minimum wage in Hungary will increase by 8% on Jan. 1, the finance minister said. The wage will go up by another 8 % a year later, Mihály Varga told a press conference after a two-year agreement was reached at talks in the permanent conference of employer, employee, and government representatives (VKF).
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According to data from 2017 published on Thursday by Eurostat, the standard of living in Hungary is still well below the EU average. When it comes to consumption, Bulgaria is the only country performing worse.
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Moodyʼs Investors Service highlighted weak government balance sheets and banking system event risks among key credit weaknesses of Hungary, saying that the countryʼs credit profile is akin to that of fellow "Baa3 stable"-rated countries Italy and Portugal in its latest report.
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Despite falling 0.7 of a percentage point from the preceding month, Hungaryʼs annual inflation rate reached 3.2% in November, the joint-highest in the European Union, alongside Estonia and Romania, according to data from the European Commissionʼs official statistical agency Eurostat.
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Economic research institute Századvég raised its projections for GDP growth in Hungary to 4.2% for this year and 3.4% for 2019 in a fresh forecast.
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The National Bank of Hungary’s Monetary Council decided to keep the central bank’s key rate on hold at 0.90% at a monthly policy meeting.
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