Hungary
The COVID-19 crisis has hit the economy hard, with the export of vehicles and tourism suffering the most. Household consumption and investment have declined sharply, due partly to sub-optimal crisis management by the government. The pre-crisis economic level will only be reached in late 2022, at the earliest. Support from the EU rescue programme is indispensable for this, but non-compliance with rule-of-law requirements may render participation problematic.
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
| Population, 1000 persons | 9788 | 9776 | 9771 | . | . | . |
| GDP, real change in % | 4.3 | 5.4 | 4.6 | -6.5 | 3.0 | 4.6 |
| GDP per capita (EUR at PPP) | 20230 | 21580 | 22800 | . | . | . |
| Gross industrial production, real change in % | 4.7 | 3.5 | 5.6 | . | . | . |
| Unemployment rate - LFS, in %, average | 4.2 | 3.7 | 3.4 | 4.5 | 4.5 | 4.0 |
| Average gross monthly wages, EUR | 961 | 1035 | 1131 | . | . | . |
| Consumer prices, % p.a. | 2.4 | 2.9 | 3.4 | 3.8 | 3.5 | 3.5 |
| Fiscal balance in % of GDP | -2.4 | -2.1 | -2.1 | . | . | . |
| Public debt in % of GDP | 72.2 | 69.1 | 65.4 | . | . | . |
| Current account in % of GDP | 2.0 | 0.3 | -0.2 | -1.8 | -1.4 | -0.6 |
| FDI inflow, EUR mn | 7083 | 8937 | -294 | . | . | . |
| Gross external debt in % of GDP | 83.2 | 79.4 | 72.4 | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
HUNGARY: Next Generation EU funds crucial to avoid delayed recovery
Sandor Richter
in: No Quick Recovery in Sight, with Coronavirus Risks Looming Large
wiiw Forecast Report No. Autumn 2020, November 2020 , pp. 64-67
Details and Buy
Monthly Report No. 5/2020
Vasily Astrov, Alexandra Bykova, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter, Bernd Christoph Ströhm and Hermine Vidovic
wiiw Monthly Report No. 5, May 2020
96 pages including 27 Tables and 39 Figures