Country snapshots 2017-18: Hungary

Private consumption and infrastructure projects lead growth

Growth should pick up in 2017 as new infrastructure projects are launched in the context of the new cycle of EU structural funding, before moderating in 2018. Private consumption should remain the main growth driver, given projected employment gains, in part supported by still large public works schemes, and faster wage growth. Increasing unit labour costs and weak markets will cut export growth. 

The fiscal stance is becoming expansionary, reflecting lower personal income taxes and other measures to support the economy. However, economic slack is disappearing, pushing up wage growth and consumer price inflation, which is projected to reach the official 3% target by end-2018. 

GDP growth

2013

Current prices HUF billion

2016

  

2017

% real change

2018

  

30 127.3 1.7 2.5 2.2

Visit www.oecd.org/eco/economicoutlook.htm        

©OECD Observer No 308 Q4 2016       




Economic data

GDP growth: +0.5% Q2 2019 year-on-year
Consumer price inflation: 1.6% September 2019 annual
Trade: -1.9% exp, -0.9% imp, Q2 2019
Unemployment: 5.2% September 2019
Last update: 18 November 2019

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