map Hungary
Runaway inflation was curbed by the end of 2023. The current account closed with a surplus, largely because of a decline in imports due to shrinking consumption, a drop in investment and lower import prices. GDP declined last year and there will be no spectacular recovery of economic growth in 2024 either. A chronic deficit in the general government balance necessitates painful measures, which in turn will put a brake on the pace of economic growth. Inflation continues to be of concern, while the current account will likely remain balanced or in surplus over the forecast horizon.
Main Economic Indicators202120222023202420252026
Population, 1000 persons971096449600...
GDP, real change in %7.14.6-
GDP per capita (EUR at PPP)243702693028720...
Gross industrial production, real change in %9.66.1-5.6...
Unemployment rate - LFS, in %, average4.
Average gross monthly wages, EUR118812781496...
Consumer prices, % p.a.5.215.317.
Fiscal balance in % of GDP-7.2-6.2-6.7-5.0-4.0-3.5
Public debt in % of GDP76.774.173.5...
Current account in % of GDP-4.3-
FDI inflow, EUR m8776140643194...
Gross external debt in % of GDP87.091.985.5...

Basic data are continuously updated.

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


Executive summary

Olga Pindyuk
in: The Crisis is Over, but its Scarring Effects are Hindering Recovery
wiiw Forecast Report No. Spring 2024, April 2024 , pp. I-VII


Monthly Report No. 1/2024

Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Selena Duraković, Meryem Gökten, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Branimir Jovanović, Niko Korpar, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Sandor Richter, Marko Sošić, Bernd Christoph Ströhm, Maryna Tverdostup and Adam Żurawski
wiiw Monthly Report No. 1, January 2024
50 pages including 5 Tables and 18 Figures