Since the advent of the pandemic (2020), Hungary has managed to restart its economy from the second half of 2020. According to forecasts for the current year, there should be an increase in GDP.
In the second quarter of 2021, the Hungarian GDP grew by + 17.9% on an annual basis compared to the same range of the previous year.
According to data released by the ICE (Italian Trade Agency), the national public debt reached in September 2021, 40,059 billion forints, equal to 77.6% of GDP, down compared to the first quarter of the current year when the state debt was 81% of GDP.
According to the data published by the European Commission, the weight of the public debt on GDP is currently 79.5%. Still, it should fall to 77.3% in 2022 (Source infomercatiesteri). The trade balance generated an asset of 2.5 billion euros in the first three months of 2021. The exchange recorded a value of 56.5 billion euros, increasing 5.1% compared to the same period of the previous year. (Source: ICE).
Industrial production in the first nine months of the year was (+12.8%) higher than in the same period of 2020 (even if in September 2021 there was a decrease in industrial production of 2.3% compared to the previous year, and by 0.3% compared to August 2021). The level of industrial production was similar to that before the epidemic in September 2019.
Inbound foreign direct investment in 2021 totalled a volume of 4.1 million dollars, while the outgoing ones are worth 1.2 million dollars.
In September 2021, the value of exports was 10,304 billion euros (-0.6% compared to the same period of the previous year), while that of imports of 10,303 billion (+ 12% compared to the same period of the previous year).
The trade balance, therefore, generated a surplus of 1.3 million euros.
According to the European Union website (2018), Hungary exported 82% within the EU, while 2% exported to non-EU countries in the United States and Ukraine. In the same period, 75% of imports to Hungary were of European origin, while for non-EU countries, it imported 6% from China and 5% from Russia.
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