Hungary Economic Outlook
November 3, 2020
The economy seemingly emerged from recession in Q3 after the severe blow dealt by lockdown measures at home and abroad in Q2. Both industrial production and merchandise exports contracted at a notably softer pace in July-August compared to Q2, which, together with higher business sentiment, points to improving private sector activity. Moreover, stronger retail sales and less downbeat consumer sentiment in Q3 hint at recovering household spending. Turning to Q4, available indicators paint a mixed picture of the economy: Although business sentiment rose further in October, consumers turned more pessimistic in the same month, likely due to the sustained rise in new Covid-19 cases. Meanwhile, in late October, the Council of the European Union approved a EUR 504 million loan for Hungary as part of the EU's SURE program to protect jobs and sustain incomes amid the pandemic.Hungary Economic Growth
Next year, GDP is seen recovering from the pandemic’s fallout as private spending rebounds, external demand returns on the back of a reopening of the global economy and inflows of EU funding provide further support. That said, the unpredictable evolution of the pandemic poses a downside risk to the outlook. FocusEconomics analysts see GDP growing 4.7% in 2021, which is down 0.1 percentage points from last month’s forecast, and 3.8% in 2022.Hungary Economy Data
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Hungary Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.08 | 0.0 % | Dec 31 |
| Exchange Rate | 295.1 | -0.68 % | Jan 01 |
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Hungary Economic News
-
Hungary: Industrial production continues to surge on low base effect in May
July 14, 2021
Industrial output skyrocketed 40.2% year-on-year in May (April: +59.2% yoy), partly as it continued to benefit from an extremely low base effect, according to a preliminary estimate.
-
Hungary: Inflation at close to nine-year high in June
July 8, 2021
Consumer prices rose 0.60% from the previous month in June, following May's 0.50% increase.
-
Hungary: Industrial production continues to surge on low base effect in May
July 7, 2021
Industrial output skyrocketed 40.2% year-on-year in May (April: +59.2% yoy), partly as it continued to benefit from an extremely low base effect, according to a preliminary estimate.
-
Hungary: MNB delivers first rate hike since beginning of pandemic amid mounting inflationary pressures
June 23, 2021
At its 22 June meeting, the Monetary Council of the Hungarian National Bank (MNB) decided to hike its base rate from an all-time low of 0.60% to 0.90%.
-
Hungary: Economic sentiment improved further in June
June 21, 2021
The GKI economic sentiment index, a composite indicator, edged up to minus 2.2 in June from minus 2.6 in May, the best result since December 20219.
© Copyright: 2021. | Hungary Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
