Hungary Petrochemicals Report - Business Monitor International - Industry Reports

Hungary Petrochemicals Report

Hungary Petrochemicals Report - Business Monitor International - Industry Reports
Hungary Petrochemicals Report
Published Sep 10, 2016
71 pages — Published Sep 10, 2016
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Abstract:

Hungarian petrochemicals production is coming under pressure as a result of moderating demand in domestic and external markets. Growth indices pointed to a downturn even before the UK s Brexit vote, which is set to hit the country s export markets - particularly the automotive industry, which represents a sizeable proportion of petrochemicals demand. ...Its petrochemicals sales growth of - to ---,--- tonnes was instead supported by lower-value products, with - growth in external olefins sales (ethylene and propylene) to ---,--- tonnes and the --,--- tonnes of external butadiene sales. Hungary will not be able to sustain polymer output growth at current levels at a time of sluggish sales performance and a contracting rubber and plastic products market, nor will it be able to compensate for flat polymer sales with rising sales of olefins feedstock. We believe that H--- could see a cut in petrochemicals output and a reversal of the growth seen in ----. ...There is a possibility of cuts to capacity utilisation in H---. In this context, there is no reason to expect Hungarian petrochemicals producers to enlarge refining and polymer capacities appreciably during the forecast period.

...To this end, eurozone economic stagnation poses a key downside risk to our forecasts. ...To this end, eurozone economic stagnation poses a key downside risk to our forecasts. Despite progress in reducing external liabilities, private and public debt levels remain high, deleveraging is ongoing and Hungary will remain vulnerable to global risk sentiment and external volatility. The government s heavy handed taxation and regulation has hit the banking sector s profitability, constraining lending to Hungarian households and businesses. ...The government s heavy handed taxation and regulation has hit the banking sector s profitability, constraining lending to Hungarian households and businesses. An overreliance on government-financed fixed investment poses threats to long-term growth, with Hungary s debt-to-GDP ratio already well in excess of the -- limit set in the Maastricht criteria.

...Recent constitutional amendments, criticised by international organisations and opposition parties as undemocratic could erode Hungary s judicial independence. Fidesz has been unwilling to tow the EU line with regards to Russia or the refugee crisis. Fidesz is likely to become increasingly isolated from decision making at the EU level due to its strained relations with Brussels. The Jobbik party s increase in support in the ---- general election means it a considerable voice of opposition in the Hungarian parliament. This could lead to a shift to the right from the government as it attempts to quell dissenting nationalist voices. ...

  
Source:
Document ID
1749-2254
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Hungary Petrochemicals Report" Sep 10, 2016. Alacra Store. Dec 04, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Hungary-Petrochemicals-Report-2026-275>
  
APA:
Business Monitor International - Industry Reports. (2016). Hungary Petrochemicals Report Sep 10, 2016. New York, NY: Alacra Store. Retrieved Dec 04, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Hungary-Petrochemicals-Report-2026-275>
  
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