Alexandra Béni | Jan 18, 2019 | 0
Hungary lagging miles behind Romania in 2010-2017 GDP
Romania’s economy has managed to become Hungary’s superior since 2010: they are well off concerning both consumption and the expansion of their GDP, and between 2010 and 2017, Romania has produced 393 billion dollars more than Hungary did.
24.hu writes that even though the government’s situation in Romania is quite uncertain, the capital city, Bucharest’s European integration is better day by day. The neighbouring country is preparing for Schengen and their upcoming presidency in the EU.
According to the findings of Eurostat, the Annual Individual Consumption in Hungary is at a low level, making up only 62% of the whole EU average, coming as second worst on the overall list: Bulgaria and Croatia made up 54% of the EU average. On the other hand, Romania is making progress since their 58% in 2015: in 2017 their AIC was at 68%.
Concerning indebtedness, Romania is still in a better situation than Hungary. Despite the fact that their progress’ byproducts were serious indebtedness and financial imbalance, Hungary is facing a more serious debt than Romania:
- the Romanian debt makes up 49% of their whole GDP
- Hungary’s debt in the third quarter of 2018 made up 72.8% of the country’s GDP.
Romania beats Hungary in regards with living standards getting higher, proves Eurostat. Examining the expansion of the economy in these two countries, we can conclude that Romania’s production between 2010 and 2017 grew by 143 billion dollars: Romania topped its 166.66 billion dollars GDP in 2010 with 158 billion by 2017 (each year’s addition to the GDP counted together makes up 158 billion). In contrast to this, Hungary’s GDP was 130.92 billion dollars in 2010, adding further 15 billion by 2017.
When it comes to the economy’s overall performance, Romania produced 393 billion dollars more than Hungary in the period between 2010 and 2017, which is the Hungarian GDP thrice.
Last year Romania’s GDP was 211.8 billion dollars, while Hungary’s only 139 billion. Analysts suppose that this year the gap will become smaller, or at least will not grow wider since the Hungarian GDP has grown by 4.8% in the first half of 2018, while the Romanian has grown by 4.3%. Again, when comparing the third quarter, Hungary outperformed Romania: Hungary’s growth was 5.2%, Romania’s 4.1%.