Page 27 - CE Outlook Regions 2024

2.3 Macroeconomy - Hungary
Hungary key economic figures and forecasts
2016 2017 2018 2019 2020 2021 2022
Nominal GDP (EUR bn)
116.1 126.8 135.9 146.1 137.8 153.8 169.0
Real GDP (% y/y)
2.1 4.5 5.4 4.6 5.0 7.1 4.6
Industrial output (% y/y)
0.9 4.6 3.5 5.6 -6.0 9.5 6.1
Unemployment rate (avg, %)
5.2 4.2 3.7 3.4 4.3 3.7 3.6
Nominal industrial wages (% y/y)
Producer prices (avg, % y/y)
-1.7 3.3 5.5 2.1 4.2 13.5 33.7
Consumer prices (avg, % y/y)
0.4 2.4 2.8 3.4 3.3 5.1 14.6?
Consumer prices (eop, % y/y)
?
General budget balance (% of GDP)
-1.8 -2.5 -2.1 -2.0 -8.1 -7.5 -6.2
Public debt (% of GDP)
75.5 72.9 70.2 66.3 80.4 76.8 73.9
Current account balance (% of GDP)
4.6 1.9 0.4 -0.4 0.1 -3.0 -8.2
Official FX reserves (EUR bn)
24.5 23.4 27.4 28.4 33.7 37 38.78
Gross foreign debt (% of GDP)
119.2 101.6 100.1 96.9 160 157.7 152.6
EUR/LC (avg)
311.5 309.2 318.9 325.4 351.2 358.5 391.1
USD/LC (avg)
Source: Thomson Reuters, RBI/Raiffeisen RESEARCH
281.4 274.3 270.3 290.7 307.9 303.3 373.0
2.3.1 GDP growth
The Hungarian recession ended in Q3 2023 after four consecutive quarters of contraction, the longest decline since 1995, but that only dented the decline in the first nine months. The 0.9% q/q growth was driven by robust growth in agriculture, rising 90%. Excluding the farm
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