ANNOUNCEMENT

Worship with us @ Mountain of Fire Miracles Ministries, Budapest, Hungary Address: 1081 Bp II János Pál Pápa tér 2 (formerly Köztársaság tér) Direction: From Blaha, take tram 28, 28A, 37, 37A, 62...1 stop. From the traffic light cross to the other side... Or take Metro 4 & get off @ János Pál Pápa tér
Time of worship: Wednesdays @ 18:30 hr Sundays @ 10:30 hr
Tel: +36 203819155 or +36 202016005

God bless


Friday, 13 May 2016

NEWS

Hungarian economy unexpectedly shrinks as EU funding dries up
By Zoltan Simon

Hungary’s economy unexpectedly had its first quarterly contraction in four years after a plunge in European Union funding. The forint dropped to a four-month low against the euro.


Gross domestic product shrank 0.8 percent in January-March from the fourth quarter after a 0.6 percent gain in the previous three months, the Budapest-based statistics office said in a report on Friday based on preliminary data. The median of five estimates in a Bloomberg survey was for an increase of 0.4 percent. Growth was 0.9 percent from a year earlier, the slowest since 2013.

“Construction plunged by almost 30 percent as EU funds dried up,” cutting government orders that had buoyed the sector, statistician Zsuzsanna Boros told reporters. In addition, car manufacturers also cut production, she said.

The downswing is exposing the weakness of policies championed by Prime Minister Viktor Orban, who regularly touts Hungary and Eastern Europe as the continent’s growth engine and has questioned his western neighbors’ approach to escaping economic stagnation. In Hungary, growth is sputtering after a drop in EU funding, which accounted for almost all public investments in the former communist nation.

The forint was down 0.2 percent to 315.98 versus euro at 9:25 a.m. in Budapest after touching a four-month low following the publication of the GDP data.


“Household spending has likely remained fairly stable, though today’s release suggests that it was weaker than retail sales prints had suggested,” Marcin Kujawski, a Warsaw-based economist at BNP Paribas SA, said in an e-mailed report. “We expect the pattern of poor capital spending and decent private consumption to continue in the quarters to come.”

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Editor's Mail

Love the article on Gaddafi
We must rise above tribalism & divide & rule of the colonialist who stole & looted our treasure & planted their puppets to lord it over us..they alone can decide on whosoever is performing & the one that is corrupt..but the most corrupt nations are the western countries that plunder the resources of other nations & make them poorer & aid the rulers to steal & keep such ill gotten wealth in their country..yemen,syria etc have killed more than gadhafi but its not A̷̷̴ good investment for the west(this is laughable)because oil is not in these countries..when obasanjo annihilated the odi people in rivers state, they looked away because its in their favour & interest..one day! Samosa Iyoha

Hello from
Johannesburg
I was amazed to find a website for Africans in Hungary.
Looks like you have quite a community there. Here in SA we have some three million Zimbabweans living in exile and not much sign of going home ... but in Hungary??? Hope to meet you on one of my trips to Europe; was in Steirmark Austria near the Hungarian border earlier this month. Every good wish for 2011. Geoff in Jo'burg

I'm impressed by
ANH work but...
Interesting interview...
I think from what have been said, the Nigerian embassy here seem to be more concern about its nationals than we are for ourselves. Our complete disregard for the laws of Hungary isn't going to help Nigeria's image or going to promote what the Embassy is trying to showcase. So if the journalists could zoom-in more focus on Nigerians living, working and studying here in Hungary than scrutinizing the embassy and its every move, i think it would be of tremendous help to the embassy serving its nationals better and create more awareness about where we live . Taking the issues of illicit drugs and forged documents as typical examples.. there are so many cases of Nigerians been involved. But i am yet to read of it in e.news. So i think if only you and your journalists could write more about it and follow up on the stories i think it will make our nationals more aware of what to expect. I wouldn't say i am not impressed with your work but you need to be more of a two way street rather than a one way street . Keep up the good work... Sylvia

My comment to the interview with his excellency Mr. Adedotun Adenrele Adepoju CDA a.i--

He is an intelligent man. He spoke well on the issues! Thanks to Mr Hakeem Babalola for the interview it contains some expedient information.. B.Ayo Adams click to read editor's mail
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