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Financial Outlook

Hungary’s 2014 budget is the last before the next elections in April and, despite some spending increases, the budget will not exceed 2.9% of GDP, which is inside the European Union’s ceiling of 3.00%. Prior to the spending increases the budget forecast had been for an expenditure of 2.7%. GDP growth for the Hungarian economy is forecast to be 2% in 2014, with inflation running at 2.4%. Domestic consumption is expected to grow by 1.9% and real wages by 2%. Hungary also expects to make some slight progress on reducing public sector debt—down from 77.4% at the end of 2013 to 76.9% in 2014, which is still a long way above the European Union’s maximum permitted public sector debt level of 60% of GDP. Given that this is the run-up to a general election, the government is showing considerable fiscal restraint. This restraint has been recognized by the European Union, which allowed Hungary to exit an EU budget-monitoring process that had been imposed on the country since it joined the European Union in 2004.

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Further reading on Hungary


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