ECONOMIC GROWTH COULD REACH 3.9% THIS YEAR

Average wages could increase by 13.8% in 2022 and 11.2% in 2023, so real wages could increase by 4.1% in 2022 and 4.5% in 2023, on average. Consumption is expected to grow by 3.9% in 2022 and 3.8% in 2023, while investments are expected to expand by 6.0% and 5.7%, respectively. Net exports will be a drag on economic growth in 2022 but will support it in 2023.

Apr 21, 2022

In 2021, the Hungarian economy expanded by 7.1%, meaning that the recovery from the coronavirus pandemic was swift. As for individual sectors, agricultural output fell by 2.2%, while industrial output was up 9.8%, construction 15.8% and services 6.2% on a year earlier. This means that agriculture contributed -0.1 percentage points to growth, while the industrial sector contributed 1.9 percentage points, construction 0.7 percentage points and services 3.6 percentage points.

On the consumption side, the volume of household final consumption expenditure grew by 4.3%, collective consumption by 4.8% and investments by 6.0%. Exports were up 10.1% and imports 8.2% on a year earlier. Thus, the contribution of consumption to growth was 2.0 percentage points, that of collective consumption 0.5 percentage points, that of investment 1.6 percentage points and that of net exports 1.7 percentage points.

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ECONOMIC GROWTH COULD REACH 3.9% THIS YEAR

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