Hungary To Raise Military Budget

Hungarian PM Viktor Orbán and defense minister Csaba Hende observed together a NATO military exercise in Öskü, in western Hungary. They confirmed that the government would raise the military spending in order to maintain Hungary’s capability of cooperating with its allies. After the NATO summit in Britain last month, Hungary hosted a joint military exercise where Hungarian and US forces could simulate possible everyday battle situations in Ukraine.

Hungary’s Foreign Trade Expands

Ministry for National Economy has reported that the positive trend of the past years continued as foreign trade surplus has gained again. State secretary for economic regulation, Béla Glattfelder stated that the long-term upward trade turnover trend is expected to continue in the future as industrial output growth has recently reached a three-year high and the positive domestic consumption growth trend is also seen to prevail. He pointed out that in contrast to the period 2002-2010, when inbound trade was typically larger than outbound one and the country was running a trade deficit, under the current Government the country closed each year with a trade surplus.

Tourism On The Rise In Hungary reports that more and more people travel for vacation to Hungary. Many of the new visitors come from East Asia, finding the beautiful sights as much attractive as the relatively low prices. Hungarian capital is experiencing a record number of visitors and tourism in general is on the rise, according to the Hungarian Tourism board.

Hungary suspends gas supplies to Ukraine under pressure from Moscow

Budapest has announced that it will freeze its gas deliveries to Ukraine, as the Hungarian prime minister, Viktor Orban, said his country could not afford to run the risk of losing its own Russian gas supplies. “Hungary cannot get into a situation in which, due to the Russian-Ukrainian conflict, it cannot access its required supply of energy,” Orban said on state radio following threats from Moscow. "

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