This page has economic forecasts for Hungary including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Hungary economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 1.20 1 0.8 0.7 1.1 0.6 percent
Unemployment Rate 3.80 4.2 4.3 4.4 4.5 5 percent
Inflation Rate 3.80 3.4 3.2 3.1 3.8 3 percent
Interest Rate 0.90 0.9 1 1.25 1.25 2 percent
Balance of Trade 88000.00 130000 40000 320000 149149 50000 HUF Million
Government Debt to GDP 73.60 72.9 69.5 69.5 69.5 69.5 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 281.59
283 285 287 289 298
Stock Market 39328.39
points
36356 35836 35323 34818 32868
Government Bond 10Y 3.66
percent
3.71 3.79 3.88 3.97 4.36
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 1.20
percent
1 0.8 0.7 1.1 0.6
GDP Annual Growth Rate 4.80
percent
3.9 3.8 3.7 3.6 2.4
GDP 139.14
USD Billion
146 151 151 151 157
GDP Constant Prices 6785046.00
HUF Million
7271593 6405952 7036093 7029308 7706725
Gross Fixed Capital Formation 1686048.00
HUF Million
1605880 1699460 1748432 1746746 1701976
GDP per capita 15647.85
USD
15980 16220 16220 16220 16790
GDP per capita PPP 26777.56
USD
27196 27872 27872 27872 28225
GDP From Agriculture 197766.00
HUF Million
196120 200322 205083 204886 207855
GDP From Construction 313130.00
HUF Million
300491 302351 324716 324403 318473
GDP From Manufacturing 1351069.00
HUF Million
1368227 1380512 1401059 1399707 1450102
GDP From Public Administration 977840.00
HUF Million
1012966 1014612 1014020 1013042 1073582
GDP From Services 3809368.00
HUF Million
3884737 3939736 3950315 3946505 4117199
GDP From Transport 309431.00
HUF Million
321773 319912 320880 320571 341028
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 3.80
percent
4.2 4.3 4.4 4.5 5
Employed Persons 4486797.00
4480475 4479605 4481093 4481072 4480810
Unemployed Persons 178243.00
176014 178974 178107 178753 178671
Long Term Unemployment Rate 1.40
percent
1.34 1.28 1.26 1.26 1.22
Youth Unemployment Rate 10.00
percent
10.25 10.29 10.33 10.35 10.37
Labour Costs 124.30
Index Points
123 123 123 123 123
Job Vacancies 83611.00
89610 94578 97311 102289 119067
Wages 321172.00
HUF/Month
367000 342000 325672 325630 375000
Wage Growth 10.10
percent
10.3 8.8 8.5 8.4 6
Minimum Wages 418.47
EUR/Month
418 450 450 450 500
Population 9.78
Million
9.78 9.75 9.75 9.74 9.73
Retirement Age Women 63.50
63.5 64 63.5 63.5 64.5
Retirement Age Men 63.50
63.5 64 63.5 63.5 64.5
Labor Force Participation Rate 62.77
percent
62.74 62.65 62.67 62.7 62.69
Living Wage Family 221500.00
HUF/Month
239900 239900 215131 216246 239900
Living Wage Individual 144800.00
HUF/Month
135532 137558 138571 139583 136128
Part Time Employment 185.20
Thousand
183 181 182 181 181
Productivity 104.60
Index Points
105 105 105 105 105
Wages High Skilled 281600.00
HUF/Month
280083 280083 258170 262610 285074
Wages Low Skilled 140400.00
HUF/Month
140900 140900 126837 128843 141750
Employment Change 0.50
percent
0.48 0.49 0.54 0.53 0.53
Employment Rate 60.37
percent
60.5 60.5 60.5 60.5 60.5
Full Time Employment 4233.10
Thousand
4243 4244 4257 4263 4275
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 3.80
percent
3.4 3.2 3.1 3.8 3
Inflation Rate Mom 0.50
percent
0.2 0.3 0.2 0.3 0.2
Harmonised Consumer Prices 100.50
Index Points
103 103 103 104 110
Consumer Price Index CPI 1288.80
Index Points
1288 1293 1313 1331 1367
Core Consumer Prices 431.50
Index Points
434 435 438 444 459
Core Inflation Rate 2.60
percent
2.7 2.8 2.7 3.29 2.9
GDP Deflator 152.52
Index Points
156 154 158 157 171
Producer Prices 106.70
Index Points
111 110 114 113 121
Producer Prices Change 6.70
percent
7.2 6.1 5.9 5.8 3
Export Prices 106.30
Index Points
106 106 106 106 106
Import Prices 108.40
Index Points
109 109 109 109 109
CPI Transportation 109.20
Index Points
108 102 111 112 115
Food Inflation 4.50
percent
4.1 4 3.6 4.1 4.9
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.90
percent
0.9 1 1.25 1.25 2
Interbank Rate 0.14
percent
0.16 0.26 0.51 0.51 1.26
Money Supply M0 6920.10
HUF Billion
6955 6951 6951 6951 6951
Money Supply M1 21135.60
HUF Billion
21991 22736 23472 24204 30591
Money Supply M2 24214.60
HUF Billion
24828 25386 25941 26491 31267
Money Supply M3 24690.10
HUF Billion
25189 25656 26117 26576 30543
Foreign Exchange Reserves 24668.70
EUR Million
24779 24879 24912 24901 24903
Banks Balance Sheet 39953.00
HUF Billion
40424 40755 41075 41385 43755
Loans to Private Sector 7222.90
HUF Billion
7262 7264 7264 7264 7264
Deposit Interest Rate -0.15
percent
-0.15 -0.05 0.2 0.2 0.95
Private Debt to GDP 132.37
percent
125 117 117 117 112
Cash Reserve Ratio 1.00
percent
1 1 1 1 1
Central Bank Balance Sheet 9924.20
HUF Billion
9913 9889 9890 9889 9889
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 88000.00
HUF Million
130000 40000 320000 149149 50000
Exports 2812000.00
HUF Million
2510000 3120000 3140000 2796970 2880000
Imports 2724000.00
HUF Million
2380000 3080000 2820000 2667954 2830000
Current Account 772.37
EUR Million
550 1200 709 724 320
Current Account to GDP 2.80
percent
2.5 2.3 2.3 2.3 2
External Debt 105322.07
EUR Million
102646 102473 102576 102021 99286
Terms of Trade 98.06
Index Points
97.44 97.47 97.47 97.47 97.47
Capital Flows 1329.30
EUR Million
1488 1502 1498 1499 1499
Foreign Direct Investment 100.90
EUR Million
744 709 626 648 598
Remittances 328.60
EUR Million
342 346 347 345 345
Gold Reserves 3.10
Tonnes
2.95 2.96 2.96 2.96 2.97
Terrorism Index 0.84
0.84 0.84 0.84 0.84 0.84
Crude Oil Production 16.00
BBL/D/1K
16 16 16 16 16
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 73.60
percent
72.9 69.5 69.5 69.5 69.5
Government Budget -2.00
percent of GDP
-1.1 -0.7 -0.7 -0.7 -0.4
Government Budget Value -181.60
HUF Billion
-360 -320 -640 -152 -240
Government Spending 691096.00
HUF Million
814680 668026 716667 715975 863430
Government Spending to GDP 46.50
percent
46.5 46.5 46.5 46.5 46.5
Government Revenues 1225893.00
HUF Million
1093834 1094339 1093739 1093304 1093440
Government Debt 28418.08
HUF Billion
28522 28488 28502 28497 28498
Fiscal Expenditure 1060843.00
HUF Million
1274230 1236556 1244959 1243212 1243454
Military Expenditure 1349.50
USD Million
1398 1408 1418 1427 1494
Asylum Applications 25.00
persons
49.32 41.9 40.71 43.86 42.45
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 13.10
Index Points
12.56 12.57 12.56 12.56 12.56
Industrial Production -0.60
percent
4.5 3.5 3.3 0.37 2.1
Industrial Production Mom -2.10
percent
0.26 0.23 0.31 0.3 0.3
Manufacturing Production 1.50
percent
3.99 3.82 3.78 3.76 3.76
New Orders 98.70
Index Points
106 106 106 106 106
Changes in Inventories -141025.00
HUF Million
140139 79223 -89624 99520 83731
Car Registrations 8888.00
11509 10623 11172 11034 11139
Internet Speed 14814.21
KBps
17699 18120 18534 18925 22097
IP Addresses 2456014.00
IP
2413629 2416152 2414219 2414343 2414340
Mining Production 57.00
percent
53.64 53.52 53.33 53.19 53.19
Manufacturing Pmi 57.28
54.2 53.3 53.1 53.48 52.5
Steel Production 154.00
Thousand Tonnes
160 158 159 159 159
Competitiveness Index 64.31
Points
64.81 64.81 64.81 64.81 67.31
Competitiveness Rank 48.00
48 48 48 48 48
Ease of Doing Business 53.00
52 52 53 53 43
Electricity Production 2679.00
Gigawatt-hour
2636 2531 2572 2601 2577
Corruption Index 45.00
Points
45 45 45 45 45
Corruption Rank 66.00
66 66 66 66 66
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence -9.50
Index Points
-8.16 -8.74 -8.49 -8.49 -8.52
Retail Sales MoM 0.20
percent
0.1 -0.2 0.2 0.45 0.2
Retail Sales YoY 5.40
percent
5.3 4.5 4.3 5.87 3.1
Consumer Spending 4113203.00
HUF Million
4353638 4067305 4265392 4261278 4614159
Personal Savings 9.62
percent
9.46 9.48 9.51 9.53 9.52
Private Sector Credit 6063.80
HUF Billion
6091 6093 6094 6094 6094
Bank Lending Rate 0.90
percent
0.9 1 1.25 1.25 2
Consumer Credit 652.43
HUF Billion
688 718 746 772 942
Gasoline Prices 1.41
USD/Liter
1.39 1.36 1.34 1.31 1.22
Households Debt To GDP 18.50
percent of GDP
17.79 17.51 17.26 17.06 15.45
Households Debt To Income 33.39
percent
31.26 31.11 30.97 30.83 30.56
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output 25.80
percent
18.8 25.5 17 9.5 3.5
Housing Index 131.01
Index points
135 137 139 140 149
Building Permits 1148.00
1140 1155 1156 1154 1155
Home Ownership Rate 85.30
percent
84.94 84.87 84.8 84.74 84.32
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 9.00
percent
9 9 9 9 9
Personal Income Tax Rate 15.00
percent
15 15 15 15 15
Sales Tax Rate 27.00
percent
27 27 27 27 27
Social Security Rate 42.00
percent
42 42 42 42 42
Social Security Rate For Companies 23.50
percent
23.5 23.5 23.5 23.5 23.5
Social Security Rate For Employees 18.50
percent
18.5 18.5 18.5 18.5 18.5
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 2.61
celsius
4.63 0.65 15.75 12.82 9.98
Precipitation 6.99
mm
49.81 35.49 51.79 51.79 53.34



Hungary - Economic Forecasts - 2018-2020 Outlook