Hungary
Economic growth in 2017 amounted to 4%, with household consumption growing quicker than GDP, reflecting the dynamic expansion of real wages. Investments increased by about 20% as a direct consequence of the accelerated allocation of EU cohesion policy-related resources to recipients. The other side of the coin was the strong deterioration in the foreign trade balance. Economic growth remains dynamic this year, though a deceleration is expected from 2019 on, closely related to the depletion of EU resources due to a deliberate excessive utilisation of the respective resources in 2017-2019.
| FORECAST* | ||||||
|---|---|---|---|---|---|---|
| Main Economic Indicators | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
| Population, 1000 persons | 9843 | 9814 | 9784 | . | . | . |
| GDP, real change in % | 3.4 | 2.2 | 4.0 | 3.8 | 2.6 | 1.7 |
| GDP per capita (EUR at PPP) | 19700 | 19700 | 20600 | . | . | . |
| Gross industrial production, real change in % | 7.4 | 1.0 | 4.8 | . | . | . |
| Unemployment rate - LFS, in %, average | 6.8 | 5.1 | 4.2 | 4.1 | 4.1 | 4.1 |
| Average gross monthly wages, EUR | 800 | 845 | 961 | . | . | . |
| Consumer prices, % p.a. | 0.1 | 0.4 | 2.4 | 2.8 | 2.9 | 2.9 |
| Fiscal balance in % of GDP | -1.9 | -1.7 | -2.0 | . | . | . |
| Public debt in % of GDP | 76.7 | 76.0 | 73.6 | . | . | . |
| Current account in % of GDP | 3.5 | 6.0 | 2.9 | 3.2 | 2.6 | 2.7 |
| FDI inflow, EUR mn | 7000 | -6255 | 5726 | . | . | . |
| Gross external debt in % of GDP | 107.8 | 97.2 | 83.8 | . | . | . |
Basic data are continuously updated.
* Forecasts are changed beginning of March, July and November.
See Press Conferences.
HUNGARY: EU co-financed investment boom, surging wages, shrinking trade surplus
Sandor Richter
in: Riding the Global Growth Wave
wiiw Forecast Report No. Spring 2018, March 2018 , pp. 98-101
Details and Buy
Monthly Report No. 7-8/2017
Vasily Astrov, Rumen Dobrinsky, Vladimir Gligorov, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8, August 2017
27 pages including 1 Table and 2 Figures