Hungary
Hungary, a high-income mixed economy in Central Europe, continues to demonstrate economic resilience and strong growth potential despite global challenges. The Hungarian economy is diverse, with major contributions from the services sector, industrial production, and agriculture. Future economic growth in Hungary is supported by foreign investment, EU funding, and ongoing economic reforms.
In 2023, Hungary’s GDP contracted by 0.9% due to high inflation and tighter fiscal and monetary policies. However, the GDP growth rate is forecasted to reach 2.4% in 2024 and 3.5% in 2025, driven by private consumption, real income growth, and a strong labor market. The rapidly expanding ICT sector in Hungary now contributes over USD 20 billion, accounting for more than 20% of the country’s gross value added.
Inflation in Hungary peaked at 17.6% in 2023 but is expected to drop to 4.1% in 2024 and 3.7% in 2025 as energy prices and food costs stabilize. The unemployment rate in Hungary, at 4.6% in early 2024, is projected to fall to 4.0% by 2025, reflecting increased labor demand and economic recovery.
Hungary’s fiscal deficit is projected to decline from 6.7% of GDP in 2023 to 5.4% in 2024, driven by reduced subsidies and stronger economic performance. Although public debt in Hungary remains high, it is expected to stabilize around 73–74% of GDP, supported by prudent fiscal management and continued economic reforms.
Top banks
OTP Bank
OTP Bank Hungary – One of the largest banks in Hungary, OTP Bank offers a full range of financial services including retail banking, corporate banking, SME financing, loans, savings accounts, insurance, investment services, and digital banking solutions. Known for its innovation and strong customer focus, OTP Bank plays a key role in Hungary’s financial and economic development.
K&H Bank
A major bank in Hungary, K&H Bank offers a wide range of retail banking, corporate banking, and investment services. The bank provides loans, savings accounts, insurance, digital banking solutions, and wealth management, focusing on innovation, customer satisfaction, and supporting Hungary’s economic growth.
UniCredit Bank Hungary
UniCredit Bank Hungary – A leading bank in Hungary, UniCredit Bank provides comprehensive retail banking, corporate banking, SME financing, investment services, loans, savings accounts, and digital banking solutions. Known for its customer-focused approach and innovative financial products, UniCredit Bank supports economic growth and financial inclusion across Hungary.
Erste Bank
Erste Bank Hungary – A leading bank in Hungary, Erste Bank offers comprehensive retail banking, corporate banking, SME financing, investment services, loans, savings accounts, and digital banking solutions. Known for its customer-focused approach and innovative financial products, Erste Bank supports economic growth and financial inclusion across Hungary.
Top payment methods
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
ApplePay
Google Pay
Google Pay enables secure digital payments using stored credit or debit cards for online, in-app, and in-store purchases. It offers a fast, seamless checkout experience on Android devices and supports 3D Secure authentication for EU and UK-issued cards.
Concluding remarks
Hungary’s economy is poised for recovery and growth, supported by a diverse payment landscape and robust economic fundamentals. As the country navigates through global economic challenges and embraces technological advancements, its payment methods reflect a blend of traditional and modern approaches, catering to a wide range of consumer preferences.
Cash (Készpénz)
Cash payments in Hungary remain a widely used and trusted payment method, especially for small transactions and daily purchases. Despite the rapid rise of digital payments and cashless payment methods, cash usage in Hungary continues to play a significant role in everyday transactions, particularly in rural areas and traditional retail settings.
Credit and Debit Cards
Credit and debit card usage is widespread, with major card networks like Visa, MasterCard, and American Express widely accepted. Contactless payments have become increasingly popular due to their convenience and security.
Bank Transfers (Banki átutalások)
Bank transfers (Banki átutalások) in Hungary are commonly used for larger transactions, including real estate deals and business payments. SEPA (Single Euro Payments Area) transfers enable fast and efficient cross-border payments within the Eurozone, supporting Hungary’s integration with European financial systems. With Hungary’s modern banking infrastructure and growing adoption of online and digital banking platforms, bank transfers in Hungary provide a secure and convenient method for managing domestic and international financial transactions.
Mobile Payments
Mobile payment options, including Apple Pay and Google Pay, are gaining popularity in Hungary. These methods provide a quick and secure way to make transactions using smartphones and other digital devices.
Online Payment Platforms
Platforms like PayPal and Stripe are widely used for eCommerce transactions. They offer secure and efficient ways to pay for goods and services online, supporting the growth of the digital economy.
Prepaid Cards
Prepaid cards are popular among younger consumers and those without access to traditional banking services. These cards are often used for online shopping and daily expenditures.
Cryptocurrencies
Cryptocurrencies are gradually being adopted in Hungary, particularly among tech-savvy individuals and businesses. The regulatory environment is evolving, with the government working to integrate digital currencies into its financial system while ensuring compliance and security
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