Hungary unveils new measures to boost economy

Hungarian Finance Minister Mihály Varga (©PAP)

EUR430m Rail Baltica contract signed

European Commission recommends accession talks with Albania and North Macedonia

Hungary

Hungarian Finance Minister, Mihaly Varga announced fiscal stimulus measures to boost job creation and help government’s efforts to keep economic growth 2 percentage points above the European Union average. Hungary will cut the payroll tax by another 2 percentage points to 17.5 per cent from July at a cost of HUF144bn (EUR443m) this year, and HUF156bn next year, Varga said during a press conference.

The government’s stimulus package also includes a cut in the VAT on accommodation services to 5 per cent, streamlining tax administration and scrapping an advertising tax until the end of 2022, Varga said. The measures are designed to counter an economic slowdown in the neighboring Eurozone, Hungary’s main trading partner.

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Latvia

The railroad’s bridge, embankment and central station complex, part of Rail Baltica route, will be build in Riga by Belgium’s Besix SA and local construction group Rere Buve SIA, LETA News Agency informed. Construction work will cost EUR430m. 85 per cent of funding will come from the European Union, whereas the remaining amount will be provided by the Latvian state.

“As a result of Rail Baltica project, Riga’s center will receive a modern and multi-modal transport hub that will increase mobility, security, accessibility and provide the Latvian capital with new features,” representatives of Latvia’s railway company said.

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Albania, North Macedonia

“The newly adopted enlargement report of the European Commission has recommended opening accession talks with Albania and North Macedonia — but has not set a date for them to start, which will be left for the European Council to decide in June,” Enlargement Commissioner Johannes Hahn said.

Albania has made progress in reforming its public administration, the report said. In the field of the judicial system and in the fight against corruption and organized crime, Albania made “some level of preparation” but needs to do more, the European Commission informed.

The report on North Macedonia notes that the new government has taken steps to restore checks and balances and strengthen democracy and the rule of law.

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What’s up in indexes

BET (of Bucharest) decreased from 8505.79 index points Wednesday, May 29th to 8465.07 index points Thursday, May 30th. It’s down 0.21 per cent d/d and up 5.57 per cent y/y.

BUX (of Budapest) increased from 40916.00 index points Wednesday, May 29th to 41076.00 index points Thursday, May 30th. It’s up 0.39 per cent d/d and up 17.9 per cent y/y.

OMXR (of Riga) increased from 1037.03 index points Wednesday, May 29th to 1043.84 index points Thursday, May 30th. It’s up 0.66 per cent d/d and down 0.23 per cent y/y.

OMXT (of Tallinn) decreased from 1251.37 index points Wednesday, May 29th to 1243.10 index points Thursday, May 30th. It’s down 0.66 per cent d/d and down 0.17 per cent y/y.

OMXV (of Vilnius) decreased from 678.93 index points Wednesday, May 29th to 679.44 index points Thursday, May 30th. It’s down 0.07 per cent d/d and down 4.83 per cent y/y.

PX (of Prague) increased from 1040.51 index points Wednesday, May 29th to 1043.62 index points Thursday, May 30th. It’s up 0.30 per cent d/d and down 3.34 per cent y/y.

RTS (of Moscow) increased from 1275.92 index points Wednesday, May 29th to 1286.52 index points Thursday, May 30th. It’s up 0.83 per cent d/d and up 10.6 per cent y/y.

SAX (of Bratislava) closed at 345.72 index points Thursday, May 30th. It’s the same result as Wednesday’s. It’s 0 per cent change d/d and up 4.56 per cent y/y.

SOFIX (of Sofia) increased from 572.50 index points Wednesday, May 29th to 582.10 index points Thursday, May 30th. It’ up 1.67 per cent d/d and down 8.22 per cent y/y.

UX (of Kyiv) decreased from 1745.90 index points Wednesday, May 29th to 1744.76 index points Thursday, May 30th. It’ down 0.07 per cent d/d and up 3.40 per cent y/y.

WIG20 (of Warsaw) increased from 2187.45 index points Wednesday, May 29th to 2221.56 index points Thursday, May 30th. It’s up 1.56 per cent d/d and up 2.99 per cent y/y.

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