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European Commission -Europe 2020 In Hungary | Hungarian Chamber of Commerce

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European Commission -Europe 2020 In Hungary

Author: HA | May 04. 2015.

Economic situation and outlook

GDP picked up in 2014 but economic activity started to slow down slightly and is expected to further decelerate over 2015 and 2016. Domestic demand is expected to remain the main driver of economic growth in the coming years, with a shift from investment to private consumption. Inflation has been decreasing rapidly since 2012 and the external balance of the country is stable, with the current account turning positive in 2010. The number of employed rose to an all-time high and the unemployment rate dropped to an all-time low in 2014. Hungary's general government deficit has been kept under control but the high level of public debt is a source of fragility for the economy.

 

The detailed Country Report assesses Hungary's economy against the background of the Commission's Annual Growth Survey which recommends three main pillars for the EU's economic and social policy in 2015: investment, structural reforms, and fiscal responsibility.