OECD Economic Surveys: Hungary 2021

Abstract

This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.

The economic situation and policies of Hungary were reviewed by the Committee on 28 June 2021. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 12 July 2021.

The Secretariat’s draft report was prepared for the Committee by Jens-Christian Høj, Martin Borowiecki, Federico Giovannelli and László Dósza with contributions from Shizuka Kato, Viktoria Kis and Thomas Weko under the supervision of Mame Fatou Diagne. Statistical research assistance was provided by Federico Giovannelli and editorial assistance by Emily Derry.

The previous Survey of Hungry was issued in January 2019.

Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at http://www.oecd.org/eco/surveys.

Basic statistics of Hungary, 2020

(Numbers in parentheses refer to the OECD average)1

LAND, PEOPLE AND ELECTORAL CYCLE
Population (million, 2019)	9.8		Population density per km² (2018)	107.1	(38.1)
Under 15 (%, 2019)	14.4	(17.9)	Life expectancy at birth (years, 2019)	76.0	(80.2)
Over 65 (%, 2019)	19.7	(17.1)	Men (2019)	72.9	(77.6)
International migrant stock (%, 2019)	5.3	(13.2)	Women (2019)	79.3	(82.9)
Latest 5-year average growth (%)	-0.2	(0.6)	Latest general election	April-2018
ECONOMY
Gross domestic product (GDP)			Value added shares (%, 2019)
In current prices (billion USD)	155.1		Agriculture, forestry and fishing (2019)	4.0	(2.7)
In current prices (billion HUF)	47 743.5		Industry including construction (2019)	29.5	(26.6)
Latest 5-year average real growth (%)	2.2	(0.7)	Services (2019)	66.6	(70.8)
Per capita (000 USD PPP, 2019)	34.0	(47.6)
GENERAL GOVERNMENT
Expenditure (% of GDP, OECD: 2019)	51.6	(40.6)	Gross financial debt (% of GDP,OECD: 2018)	97.6	(107.6)
Revenue (% of GDP, OECD: 2019)	43.5	(37.5)	Net financial debt (% of GDP, OECD: 2018)	61.0	(67.9)
EXTERNAL ACCOUNTS
Exchange rate (HUF per USD)	307.83		Main exports (% of total merchandise exports)
PPP exchange rate (USA = 1)	148.01		Machinery and transport equipment	56.7
In per cent of GDP			Chemicals and related products, n.e.s.	12.6
Exports of goods and services	79.7	(50.8)	Manufactured goods	9.8
Imports of goods and services	77.5	(46.9)	Main imports (% of total merchandise imports)
Current account balance	-0.1	(0.1)	Machinery and transport equipment	47.5
Net international investment position	-49.2		Manufactured goods	14.0
			Chemicals and related products, n.e.s.	13.7
LABOUR MARKET, SKILLS AND INNOVATION
Employment rate (aged 15 and over, %)	54.5	(55.1)	Unemployment rate, LFS (aged 15 and over, %)	4.3	(7.1)
Men (OECD: 2019)	63.6	(65.6)	Youth (aged 15-24, %, OECD: 2019)	12.8	(11.8)
Women (OECD: 2019)	46.3	(49.9)	Long-term unemployed (1 year and over, %)	1.2	(1.3)
Participation rate (aged 15 and over, %)	62.9	(59.6)	Tertiary educational attainment (aged 25-64, %, 2019)	26.0	(38.0)
Average hours worked per year	1 660	(1 687)	Gross domestic expend. on R&D (% of GDP, 2018)	1.6	(2.6)
ENVIRONMENT
Total primary energy supply per capita (toe, 2019)	2.7	(3.9)	CO2 emissions from fuel combustion per capita (tonnes, 2019)	4.7	( 8.3)
Renewables (%, 2019)	10.3	(10.8)	Water abstractions per capita (1 000 m³, 2018)	0.4
Exposure to air pollution (more than 10 g/m³ of PM 2.5, % of population, 2019)	100.0	(61.7)	Municipal waste per capita (tonnes, 2019)	0.4	(0.5)
SOCIETY
Income inequality (Gini coefficient, 2017, OECD: latest available)	0.289	(0.318)	Education outcomes (PISA score, 2018)
Relative poverty rate (%, 2017, OECD: 2016)	8.0	(11.7)	Reading	476	(487)
Median disposable household income (000 USD PPP, 2017)	12.1	(19.7)	Mathematics	481	(489)
Public and private spending (% of GDP)			Science	481	(489)
Health care (2019)	6.4	(8.8)	Share of women in parliament (%)	12.1	(31.4)
Pensions (2018, OECD: 2017)	8.6	(8.6)	Net official development assistance (% of GNI, 2017)	0.1	(0.4)
Education (% of GNI, 2019)	4.4	(4.4)

Note: The year is indicated in parenthesis if it deviates from the year in the main title of this table.

1. Where the OECD aggregate is not provided in the source database, a simple OECD average of latest available data is calculated where data exist for at least 80% of member countries.

Source: Calculations based on data extracted from databases of the following organisations: OECD, International Energy Agency, International Labour Organisation, International Monetary Fund, United Nations, World Bank.