According to preliminary data the deficit of the general government sector in 2020 was HUF 3,870 billion, 8.1% of GDP. The balance deteriorated by HUF 2,882 billion, or by six percentage points as a proportion of GDP compared to the previous year. According to the country's Central Statistical Office (KSH), the significant deterioration was due to the economic impact of […]
Although, economic performance in Hungary grew by 1.1% compared to previous quarter but it decreased by 3.7% compared to a year earlier. The gross domestic product of Hungary went down by 3.7% according to raw data and by 4.3% according to seasonally and calendar adjusted and reconciled data in the 4th quarter of 2020 compared to […]
The volume of gross domestic product went down by 4.6% in Hungary in the 3rd quarter of 2020 compared to the corresponding period of the previous year. According to seasonally and calendar adjusted and reconciled data the performance of the economy was 11.4% higher than in the previous quarter and 4.6% lower than in the corresponding […]
The second wave of the coronavirus epidemic is proving optimists wrong. The increasing number of infections recorded over the past weeks is a somber realization that the virus is back with a vengeance and there is an increasing chorus of economic analysts predicting an economic crisis that may last for years. For many people life […]
With the number of daily coronavirus infections reaching record highs, it is no longer a question whether Hungary is now in the midst of the second wave of the coronavirus epidemic. Although the border closure was a drastic step, it is evident that the government is working to avoid strict measures in order to shield […]
The volume of gross domestic product declined by 13.6% in Hungary in the 2nd quarter of 2020 compared to the corresponding period of the previous year, the country’s Central Statistical Office reports. The extraordinary situation resulting from the corona virus pandemic had a disadvantageous impact on the performance of most sections of the economy. […]
The Hungarian economic research institute GKI currently expects the Hungarian economy to decline by 5-7 per cent in 2020 (assuming no second wave of the pandemic this year). In March, shortly after the announcement of the coronavirus emergency, GKI forecast two scenarios: one with a 3% and another with a 7% decline in GDP this […]
