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Main article: Hungary
GDP
2023
2022
Industry's share of GDP is less than 22.5%
Recession in the second half of the year
In the second half of 2022, amid the conflict in Ukraine, the Hungarian economy fell into recession.
GDP size forecast - $0.19 trillion
2021: Agriculture's share of GDP - less than 4%
Financial system
National debt
2023: State debt - 76% of GDP
Non-financial debt
2022: Aggregate non-financial debt
Currency: forint
2022:8% depreciation after the outbreak of conflict in Ukraine
Forint - Hungary's national currency - fell 8% from late February 2022 to early June. This is the second worst result in emerging markets after the Turkish lira.
1946: Record devaluation of pyonge and transition to forint
The monetary policy of Hungary in the transitional period after World War II was controlled by the Union Control Commission. The Central Bank of the country warned that the monetary issue would not bring to good, but the representatives of the USSR, who actually controlled the commission, did not want to listen to anything.
In May 1946, the Central Bank of Hungary issued a note with a face value of one quadrillion pence (2.4 US cents at the exchange rate at the end of the month, that is, the dollar cost 42 quadrillion pence). In July 1946, inflation was almost 42 quadrillion percent (4,2×1016). The dollar exchange rate in the same month was 460 octillion penge (4,6×1029).
On August 1, a new national currency began to circulate in the country - a forint, which was exchanged for penny at the 1:4×1029 rate.
Inflation
2023: Inflation 25.4%
The inflations Hungary level in decreased to 25.4% in February from 25.7% in January 2023.
2022
Inflation in November - 21.1%
Inflation growth in September to 20% is a record since 1996.
Inflation in Hungary reached 20% in September 2022, the highest since 1996. Hungary became the fourth European country with inflation above 20%. Among other Baltic countries.
Earlier, inflation in Hungary accelerated to its highest level in 24 years, haunting the central bank, which has already raised interest rates the most in the EU.
Consumer price growth in July by 13.7%
Consumer prices rose 13.7% in July 2022 from a year earlier, beating all estimates in a Bloomberg survey.
Core inflation, which does not account for volatile commodity prices, was even higher at 16.7%, indicating broad inflationary pressures in the economy.
Earlier in May, inflation in Hungary topped 10% for the first time in more than 20 years, putting pressure on the central bank to further tighten monetary policy and maintain the forint.
Consumer price growth in May by 10.7%
In May 2022, consumer prices rose 10.7% year-on-year, the fastest pace since 2001 and surpassing the median estimate of 10.4% obtained in a Bloomberg survey.
Core inflation, which excludes volatile fluctuations in food and energy prices, rose 12.2%, the fastest since 1998, according to a statement from the statistics office on Wednesday.
1946: Record hyperinflation in history - doubling prices every 15 hours
The highest hyperinflation in history was recorded in Hungary. From August 1945 to July 1946, prices in the country doubled every 15 hours. As in many cases, hyperinflation in Hungary is explained by the consequences of World War II.
Even before the outbreak of hostilities, the country went into debt to support Germany with weapons. The country's economy was destroyed, and Budapest also had to pay reparations, which accounted for up to 50 percent of the then budget.
Key rate
2023: 18%
The 18% key interest rate of the Central Bank of Hungary in March 2023 is the highest in the EU.
2022: 6,75%
Hungary raised its key rate to 6.75% on June 2, 2022. This is the maximum effective rate in the EU. By the end of June, the rate should rise to 7.05%, according to the Deputy Chairman of the Central Bank of Hungary.
Investments
2024: Attracting a quarter of China's investment in Europe in two years
Viktor Orban has turned Hungary into the main home for Chinese capital in Europe, seizing more than a quarter of all Chinese investment that came to the continent in 2022-2023.
This huge share, including a wave of investments in electric vehicle factories, triggered the development of the Hungarian economy, which is struggling due to the fact that the EU suspended funding for €20 billion due to Hungary's desire to establish peace with Russia.
2023: Foreign investment growth
Foreign trade
2023: Increase in imports from China by 60% since 2008
2022
Germany is the largest export destination
Trade deficit with China
Largest companies
Power
2022
Tenth place in the EU for energy generation by nuclear power plants
Maintaining low electricity prices due to special conditions for the supply of hydrocarbons from Russia
Hungary knocked out special conditions for the import of hydrocarbons from Russia from the European Commission. In December 2022, the cost of electricity in Hungary is 6 times cheaper than Germany.
2021: Natural gas is the main source of energy in the country
2020: Energy consumption per capita
and
Energy carriers
Energy supplies
2022: Participation in the Three Seas Initiative
Hungary is a member of the Three Seas Initiative, aimed at countering Russia.
2021: Hungary signed a contract with Gazprom for the supply of gas bypassing Ukraine
Hungary in September 2021 signed a Gazprom new contract with "" for a period of 15 years for the supply of 4.5 billion cubic meters of gas bypassing. Ukraine The agreement comes into force on October 1. It will be possible to change, supplement or extend the contract in ten years.
Kyiv, against the background of the contract between Budapest and Gazprom, allowed a complete stop of gas transit to Hungary through Ukraine.
2020: Dependence on Russian gas
Industry
2023: Industrial output slump due to German crisis
Industrial production in Hungary in December 2023 decreased by 8.7%. This is the largest drop since June 2020, compared with the median forecast of minus 7.8% in a Bloomberg survey.
Hungary's economic recovery likely stalled in Q4, Economy Minister Marton Nagy said in an interview, attributing the slowdown to the economic woes of Germany, Hungary's largest export market.
Mechanical engineering
2021: 390,000 cars produced
Food industry
2021: Cheese production - 9.9 kg per capita
Labour market
2022: Proportion of workers aged 65 or over - above 5%
2019: Average labor productivity - $34.83 per hour
Salaries
2023: Minimum wage - $383
2017: Average monthly salary
Unemployment
2023: Youth unemployment - 13.3%
2022: Unemployment rate - 3.0%
2020: Unemployment rate - 6.1%
Agriculture
2019: Low use of pesticides in agriculture
Consumption
Cars
2022: Minimum age to drive - 17
2018: Number of cars per 1000 people
Tea
2018: Per capita tea consumption per kg per year
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Milk
2018: Milk consumption in litres per year per person
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Meat
2023: Pork is the most consumed type of meat
2019: Pork is the most consumed type of meat
Beer
2019: Beer consumption in litres per year per person
Info-Communication Technologies
Social media
Transport
2021: Average train speed - 83.8 km/h
Tourism
2019: More than 15% of the population went on tourist trips. Germany is the most popular country
2018
Tourism revenues
Number of foreign tourists
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