Hungary
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
| Population, 1000 persons | 9605 | 9592 | . | . | . | . |
| GDP, real change in % | 4.3 | -0.9 | 0.5 | 2.2 | 3.1 | . |
| GDP per capita (EUR at PPP) | 27600 | 29250 | . | . | . | . |
| Gross industrial production, real change in % | 6.1 | -5.5 | . | . | . | . |
| Unemployment rate - LFS, in %, average | 3.6 | 4.1 | 4.6 | 4.2 | 4.0 | . |
| Average gross monthly wages, EUR | 1278 | 1496 | . | . | . | . |
| Consumer prices, % p.a. | 15.3 | 17.0 | 3.7 | 3.9 | 3.5 | . |
| Fiscal balance in % of GDP | -6.2 | -6.7 | -4.9 | -4.0 | -3.5 | . |
| Public debt in % of GDP | 73.8 | 73.4 | . | . | . | . |
| Current account in % of GDP | -8.5 | 0.7 | 2.1 | 2.3 | 2.5 | . |
| FDI inflow, EUR m | 14047 | 3253 | . | . | . | . |
| Gross external debt in % of GDP | 91.8 | 85.9 | . | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of January, April, July and November.
See Press Conferences.
publication_icon
Monthly Report No. 12/2024
Branimir Jovanović, Artem Kochnev, Manuel Neubauer and Monika Schwarzhappel
wiiw Monthly Report No. 12, December 2024
55 pages including 1 Table and 38 Figures
publication_icon
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
Details
In the first half of 2024, the performance of the economy was disappointing. The main driver of growth, household consumption, increased by much less than might have been expected from real wage growth of nearly 10%. Investment fell and only net exports improved. Annual growth will be around 1.2% for 2024. In 2025 and 2026, consolidation of the budget will necessitate further painful measures. That will permit only a modest acceleration of growth. The downside risks are high: the elections due in 2026 bring with them the danger of a repetition of the irresponsible fiscal spending via ‘election sweeties’. And the consequences of that would be a surge in inflation, a marked weakening of the currency and a deterioration in the country’s fiscal position.