Latest news in Hungary - 4 Feb 2025

- Hungarians Embrace Borrowing Despite High Interest Rates: In 2024, home loans in Hungary surged by 127% from the previous year, reaching 1,351.41 billion HUF, with interest rates between 6.5% and 8.20%. Additionally, personal loans climbed to 829.2 billion HUF, up 57%. The CSOK Plusz program significantly boosted home loan disbursements, accounting for over a quarter of total loans. Read more here

- BYD's New Factory in Szeged: The Chinese automotive company BYD reported a 49% increase in car sales for January 2025 and is setting up a major factory in Szeged. This project is expected to employ around 10,000 workers, as local unemployment sits at a low 1.3%. Read more here

- Orbán Attends EU Defense Strategy Meeting: Prime Minister Viktor Orbán participated in an informal EU summit discussing defense strategies in light of global security challenges. Discussions emphasized increased military spending and collaboration, particularly in light of the ongoing Russian invasion of Ukraine. Read more here

- Budapest Bicycle Highway Plans: BKK announced plans for a bicycle highway along the Grand Boulevard with a budget of 6 billion HUF. This initiative aims to boost daily cyclist traffic from 3,800 to 10,000 by 2028, with a focus on improved safety and multifunctional lane use. Read more here

- Rising Cancer Mortality Rates in Hungary: A report shows Hungary leading Europe in cancer death rates, 33% higher than the EU average. The country faces challenges such as high smoking rates and limited healthcare investment, despite improvements in five-year survival rates. Read more here

- TEK Apprehends Teen for Execution Threat: A 15-year-old boy from Győr has been arrested after threatening a public execution on social media. He has since been placed in a juvenile institution pending investigation. Read more here

- Landline Internet Usage Decline: A study indicates that subscriptions for landline internet in Hungary are declining, reflecting a broader shift towards mobile services, attributed to changing consumer preferences. Read more here

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