Boston, MA -- (ReleaseWire) -- 04/14/2014 -- The Hungarian economy is set to improve in 2014; however, real GDP growth in Hungary is unlikely to match up with that of the country's regional peers. Moreover, the country's business environment will remain toxic as a result of the government's imposition of punitive taxes on banks and foreign-owned firms. We continue to forecast real GDP growth of 1.7% in 2014, with this projected to rise to 1.9% in 2015, as our expectation for rising German household consumption to boost Hungarian net exports begins to feed through.
Headline Industry Data (local currency)
- 2014 food consumption value (local currency) growth: +3.6%; compound annual growth rate (CAGR) 2014 to 2018: +4.5%.
- 2014 food consumption per capita value (local currency) growth: +3.8%; CAGR to 2018: +4.7%.
- 2014 alcoholic drinks value sales (local currency) growth: +2.1%; CAGR to 2018: +3.6%.
- 2014 soft drinks value sales (local currency) growth: +3.1%; CAGR to 2018: +4.2%.
- 2014 total mass grocery retail sales growth (local currency): +3.4%; CAGR to 2018: +5.0%.
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Key Company Trends
Nordsee Plans To Enter Hungary's Provincial Region: Germany-based fast-food restaurant chain Nordsee plans to open new outlets in the provincial region of Hungary, ceeretail.com reported in August 2013. The move is an effort to expand the company's presence outside the country's capital city of Budapest. The company first entered the Hungarian market in 2008 and currently has six restaurants in the Budapest.
Mondelez Invests US$19mn: Snack maker Mondelez International is investing US$19mn at its base in Szekesfehervar to install capacity for its Milka brand chocolate biscuit sandwiches, Mondelez Hungaria managing director Iryna Shandaryvska said at a press conference in Budapest in May 2013. The investment will boost capacity at the biscuit plant in Szekesfehervar by 30%, Shandaryvska said. The investment will create 200 jobs. The new products will not be available in Hungary for the time being. Mondelez International has invested almost HUF3bn at the base, owned by unit Gyori Keksz, in recent years.
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