Polish government adopts budget for 2020

Poland‘s Finance Minister Jerzy Kwieciński (Adam Guz/KPRP, Public domain)

BMW will build its factory in Hungary

Thomas Cook bankruptcy may impact Bulgarian economy

Poland

Poland’s government approved a balanced budget for 2020. According to forecasts the economy will grow 3.7 per cent, with inflation targeted at 2.5 per cent, state agency PAP reported. “2020 GDP growth target is a conservative one,” Finance Minister Jerzy Kwieciński said. The deficit-free budget will have revenues and expenditures balanced at PLN429.5bn (EUR98.3bn).

Commenting on the potential impact of a handful of tax incentives recently offered to small and medium-sized businesses, Mr. Kwiecinski admitted that in the short term they will result in smaller budget income, but in the long-term they will contribute to the country’s development and thus higher tax revenues.

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Hungary

MTI news agency informed that BMW will build EUR1bn in Debrecen, Hungary. The Munich-based carmaker said the plant will have a production capacity of 150,000 cars. BMW did not specify which models would be manufactured in Hungary but said the new factory will help to expand its manufacturing footprint in Europe, a market where it sells 45 per cent of its cars.

Hungarian government informed that HUF130bn (EUR388.4m) had been allocated for upgrading transport infrastructure around the site.

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Bulgaria

The bankruptcy of the Thomas Cook, a global travel group, could have “grave consequences” for Bulgarian economy, the country’s Tourism Minister Nikolina Angelkova announced. She called a meeting with all tour operators “so that we can get clearer information from the business about the consequences of the bankruptcy,” Ms. Angelkova said.

Thomas Cook provided about 30 to 50 per cent of flights used by British tourists to come to Bulgaria in the summer via Bourgas and Varna airports, Bulgarian news agency BTA reported.

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What’s up in indexes

BET (of Bucharest) decreased from 9670.44 index points Monday, September 23rd to 9528.44 index points Tuesday, September 24th. It’s down 0.07 per cent d/d and up 13.7 per cent y/y.

BUX (of Budapest) increased from 40800.00 index points Monday, September 23rd to 40848.00 index points Tuesday, September 24th. It’s up 0.12 per cent d/d and up 14.1 per cent y/y.

OMXR (of Riga) increased from 1026.37 index points Monday, September 23rd to 1027.23 index points Tuesday, September 24th. It’s up 0.08 per cent d/d and up 4.72 per cent y/y.

OMXT (of Tallinn) decreased from 1238.95 index points Monday, September 23rd to 1235.47 index points Tuesday, September 24th. It’s down 0.28 per cent d/d and up 1.40 per cent y/y.

OMXV (of Vilnius) decreased from 690.47 index points Monday, September 23rd to 688.36 index points Tuesday, September 24th. It’s down 0.31 per cent d/d and down 0.47 per cent y/y.

PX (of Prague) increased from 1045.03 index points Monday, September 23rd to 1047.57 index points Tuesday, September 24th. It’s up 0.24 per cent d/d and down 4.20 per cent y/y.

RTS (of Moscow) decreased from 1373.49 index points Monday, September 23rd to 1358.80 index points Tuesday, September 24th. It’s down 1.07 per cent d/d and up 16.0 per cent y/y.

SAX (of Bratislava) decreased from 340.37 index points Monday, September 23rd to 338.30 index points Tuesday, September 24th. It’s down 0.61 per cent d/d and up 3.12 per cent y/y.

SOFIX (of Sofia) decreased from 575.86 index points Friday, September 20th to 572.00 index points Tuesday, September 24th. It’s down 0.15 per cent d/d and down 0.15 per cent y/y.

UX (of Kyiv) increased from 1534.71 index points Monday, September 23rd to 1539.79 index points Tuesday, September 24th. It’s up 0.33 per cent d/d and down 5.33 per cent y/y.

WIG20 (of Warsaw) increased from 2147.32 index points Monday, September 23rd to 2175.24 index points Tuesday, September 24th. It’s up 1.30 per cent d/d and down 4.62 per cent y/y.

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