Hungary

map Hungary
After strong first half-year growth, the Hungarian economy is heading downhill. Inflation is accelerating, consumer demand is shrinking, public investment projects are being cancelled and private investments postponed. The fragile fiscal position renders unfeasible any substantial government intervention to counterbalance shrinking domestic demand. The foreign trade deficit has been growing rapidly. Unfreezing EU transfers could ease the problems; but that money will not reach Hungary any time soon – if at all.
        FORECAST*
Main Economic Indicators201920202021202220232024
Population, 1000 persons977197509710...
GDP, real change in %4.9-4.57.14.2-1.21.7
GDP per capita (EUR at PPP)228602230024470...
Gross industrial production, real change in %5.6-6.09.6...
Unemployment rate - LFS, in %, average3.44.34.13.64.54.0
Average gross monthly wages, EUR113111491224...
Consumer prices, % p.a.3.43.45.216.015.08.0
Fiscal balance in % of GDP-2.0-7.5-7.1-6.5-4.5-4.0
Public debt in % of GDP65.379.376.8...
Current account in % of GDP-0.8-1.1-4.2-6.3-5.7-4.6
FDI inflow, EUR m305831697065...
Gross external debt in % of GDP73.080.984.6...


Basic data are continuously updated.

* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.

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Executive summary

Branimir Jovanović
in: Bracing for the Winter
wiiw Forecast Report No. Autumn 2022, October 2022 , pp. I-VIII
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Monthly Report No. 7-8/2022

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Bernhard Moshammer, Olga Pindyuk, Sandor Richter, Bernd Christoph Ströhm, Maryna Tverdostup, Nina Vujanović, Zuzana Zavarská and Adam Żurawski
wiiw Monthly Report No. 7-8, July-August 2022
58 pages including 4 Tables and 21 Figures

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