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Preliminary Trade Deficit Narrows in December

HUNGARY
  • Citing Chinese media, an opposition MP has said that Hungary offered EUR800m in grants, tax breaks, and infrastructural support to the EUR7.4b greenfield investment by the world’s largest EV battery maker CATL, which is building its second European production facility in Hungary. bne IntelliNews report that the government has yet to disclose details of the aid, citing the ongoing notification process with the European Commission. The construction of the factory has become a hot political topic as opposition parties are planning to collect signatures to hold a referendum on the project.
  • Hungary's preliminary trade deficit narrowed to EUR154m in December from -EUR1.415b in November, according to data released this morning. Exports grew by an annual 12.3% to EUR11.205b, while imports increased by 9.9% to EUR11.360b.
  • Minutes from the January NBH meeting will be released today at 1300 GMT/1400 local time, while budget balance data is on the docket at 1000 GMT/1100 local time (Prior: -HUF4753b). The government will conclude its 3-day meeting, which has focussed on the country’s economic growth, inflation and the effects of Russia’s war in Ukraine.

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