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Country data

10 million
93,000 sq km

Key developments and challenges

  • Further budget consolidation has begun to address Hungary’s long-standing fiscal vulnerabilities. This consolidation has allowed an exit from the European Union’s (EU’s) Excessive Deficit Procedure, albeit at the cost of depressing domestic demand and investor sentiment. Cross-border deleveraging of banks’ external liabilities has proceeded at the fastest pace of all EBRD countries of operations.
  • Rapidly falling inflation has allowed a significant easing in monetary policy and experimentation with unconventional monetary policy tools. In addition to cutting its policy rate, the Hungarian National Bank (Hungary’s central bank) has extended preferential financing for on-lending by commercial banks to small and medium-sized enterprises (SMEs), although demand for corporate credit remains depressed.
  • Increases in sector-specific taxes and administrative intervention in the retail energy sector have further undermined investor sentiment. Contrary to original intentions, taxes on several sectors are now permanent in their modified form. Hungary has one of the lowest rates of total capital formation in the EU, and the total capital formation has returned to 1999 levels, which will undermine potential growth for some time.

Hungary in the 2013 Transition Report


More developments and challenges
Building in Hungary

Our work in Hungary

In Hungary we focus support on financial institutions and public-private partnership financing of infrastructure projects.


Key facts about the EBRD's work in Hungary

No. of projects


Net EBRD investment

€2.7 billion

Gross disbursements

€2.4 billion

Portfolio in private sector



Last updated 30 June 2014

View factsheet

Our strategy in Hungary

The Bank will support the post crisis recovery of the financial sector and will provide long term financing to support the involvement of the private sector in the provision of public services. It will also promote investments in the diversification of energy supply, in energy efficiency and renewable energy to enhance energy security, reduce energy intensity and meet environmental targets.

Read strategy


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