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Hungary overview


In Hungary we focus on:

select areas where transition gaps remain and where the Bank can be additional, including in the efforts to overcome the impact of Covid-19.

developing capital markets and on opportunities to deploy equity and innovative investment products, and where appropriate seek to address inclusion and governance issues.

supporting projects in the areas of resource and energy efficiency, decarbonisation and renewable energy. The Bank will continue to pursue cooperation with the
authorities, including with the Ministry of Innovation & Technology on energy efficiency and the National Bank on green bonds and other green financial products.

The EBRD’s latest strategy for Hungary was adopted on 10 March 2021

Current EBRD forecast for Hungary’s real GDP growth in 2023: 0.4%

Current EBRD forecast for Hungary’s real GDP growth in 2024: 3.5%

Hungary’s economy expanded by 4.6 per cent in 2022, largely driven by relatively strong household consumption as the government regulated prices of fuel and food staples. Annual HICP inflation has, however, remained above 20 per cent since December 2022, reaching 25.6 per cent in March 2023, the highest rate in the EU. The core HICP inflation was also the highest in the EU, at 17.6 per cent, and far above the central bank’s target of 3 per cent, plus/minus one percentage point. GDP growth is expected to moderate to 0.4 per cent in 2023, as households’ purchasing power declines and government consumption shrinks due to the budgetary restraint. Foreign direct investment inflows and other private investment is expected to support GDP growth this year, but EU funds, especially those from the RRF, will likely reach Hungary only in late 2023 or 2024. In 2024, GDP growth should accelerate to 3.5 per cent, as external demand improves and real incomes recover.



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