map Hungary
By summer 2021, Hungary’s economy had regained its pre-pandemic level. Recovery was helped by dynamic growth in industry and a remarkable contribution by net exports. The economy is overheating, however, and inflation has climbed to around 5%. While the central bank has begun tightening monetary policy, the government has stepped up its expansionary fiscal policy, with an eye to the elections early next year. After the elections, the overheating will have to be tackled. The current dynamic growth cannot be maintained for the duration of the forecast.
Main Economic Indicators201820192020202120222023
Population, 1000 persons977697719750...
GDP, real change in %5.44.6-
GDP per capita (EUR at PPP)216002281022220...
Gross industrial production, real change in %3.55.6-6.0...
Unemployment rate - LFS, in %, average3.
Average gross monthly wages, EUR103511311149...
Consumer prices, % p.a.
Fiscal balance in % of GDP-2.1-2.1-8.0-8.0-5.5-3.5
Public debt in % of GDP69.165.580.1...
Current account in % of GDP0.2-0.7-
FDI inflow, EUR m667126982873...
Gross external debt in % of GDP79.172.480.0...

Basic data are continuously updated.

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


Executive summary

Vasily Astrov
in: Recovery Beating Expectations
wiiw Forecast Report No. Autumn 2021, October 2021 , pp. I-VI


Monthly Report No. 9/2021

Vasily Astrov, Rumen Dobrinsky, Olga Pindyuk and Leon Podkaminer
wiiw Monthly Report No. 9, September 2021
49 pages including 28 Figures