Eurostat, the European Union’s official statistics office, shared shocking data about how property prices increased in Hungary under the Orbán cabinets. According to their latest report, rents surged by 108% in Hungary, while property prices more than tripled if we compare the Q3 of 2010 and that of 2024. As a result, Hungary was at the EU’s top concerning housing price increases, which is bad news for Hungarians trying to buy or rent a flat or house.
Property prices skyrocketed in Hungary, just like rents
According to a recent Eurostat report about the changes in house prices and rents in the EU, Hungary is in a devastating position. Property prices more than doubled in Hungary and Estonia rising by 230%, the highest rate in the EU. In the TOP 10 are the two remaining Baltic countries, Lithuania (+181%) and Latvia (+154%) and from the Central and Eastern European region Czechia (+135%), Austria (+114%), and Bulgaria (+110%). In Western and Southern Europe, house prices increased most in Portugal (+113%) and Luxembourg (+103%). Interestingly, the only EU member state where house prices decreased (in general) was Italy (-4%), while the price rise was the lowest in Cyprus, Spain, and Finland.
Between Q3 2010 and Q3 2024, rents increased in 26 EU countries. The only exception where you had to pay less for renting an apartment between Q3 2010 and 2024 was Greece (-16%). Meanwhile, rent prices increased the most in Estonia (+216%), Lithuania (+183%), Ireland (+109%) and Hungary (+108%).
Average increase in the EU was 54.1% and 26%
“House prices and rents in the EU followed a similar behaviour between 2010 and the second quarter of 2011 but have since evolved differently. While rents have increased steadily, house prices have followed a more variable pattern, combining periods of decline followed by rapid increases. Between 2010 and the third quarter of 2024, house prices in the EU increased by 54.1% and rents by 26%”, Eurostat wrote.
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Recent data from Eurostat highlights stark disparities in household material welfare across Europe, with Hungary ranking at the bottom alongside Bulgaria. The study uses Actual Individual Consumption (AIC) per capita, expressed in Purchasing Power Standards (PPS), to measure material well-being. This indicator accounts for all goods and services consumed by households, whether paid for directly or provided by governments and nonprofits.
Hungary’s position in the EU
According to Euronews’ reports, in 2023, Hungary’s AIC per capita was just 70% of the EU average, a figure it shares with Bulgaria, marking the lowest levels among member states. In contrast, Luxembourg led the EU with an AIC per capita of 136%, or 36% above the EU average. Neighbouring countries like Slovakia and Croatia also recorded below-average material welfare, but Hungary’s standing underscores the persistent economic challenges faced by Central and Eastern European nations.
Regional trends and comparisons
While nine EU countries—including Germany, Austria, and the Netherlands—exceeded the EU average for household material welfare, Hungary continues to trail significantly. Notably, countries like Poland (83%), Czechia (81%), and Greece (80%) outperformed Hungary in this measure. Among non-EU countries, Türkiye achieved an AIC per capita of 84% of the EU average, surpassing Hungary and eight other member states. This highlights the growing economic divergence between EU and candidate countries, with Türkiye standing as an exception due to its relatively high material welfare.
Changes over time
Over the last five years, Hungary’s AIC per capita saw slight improvements, climbing from 62% in 2020 to 70% in 2023. This modest growth aligns with trends in other lower-ranking EU nations, such as Bulgaria, but contrasts with declines in wealthier member states like Denmark and Finland.
Insights on material welfare
“A household’s material well-being can be expressed in terms of its access to goods and services”, Eurostat writes. Hungary’s position at the bottom of the EU rankings highlights larger regional disparities in living standards. While Western and Nordic countries consistently report higher material welfare, Central and Eastern European nations, including Hungary, struggle to close the gap. These differences emphasise the challenges in achieving economic parity across the bloc. As Hungary continues to negotiate economic pressures, the AIC per capita data serves as a stark reminder of the ongoing need for targeted policies to improve household material welfare.
Factory gate prices in Hungary rose 7.9pc year-on-year in November, data released by the Central Statistics Office (KSH) on Tuesday show.
Factory prices
KSH said PPI rose mainly because of the weakening of the forint against the euro and an increase in global energy prices. Prices for domestic sale increased 3.2pc and export prices climbed 10.2pc. Domestic prices of the manufacturing sector, which have a 60.0pc weight in the PPI, rose 4.2pc year-on-year. Domestic energy prices, which account for 38.6pc of PPI, edged up 0.5pc.
Export prices of the manufacturing sector, which have an 82.9pc weight in the PPI, rose 6.8pc, while energy export prices, with a 16.7pc weight, climbed 22.3pc. In a month-on-month comparison, factory gate prices rose 4.3pc as prices for domestic sale climbed 3.0pc and export prices increased 4.9pc. In January-November, factory gate prices inched up 0.3pc year-on-year as prices for domestic sale dropped 2.1pc and export prices rose 1.5pc.
Guest nights at commercial and private tourism accommodations in Hungary rose 9.7pc to 2,841,000 in November from the same period a year earlier, data released by the Central Statistics Office (KSH) on Monday show.
The number of guest nights spent by domestic travellers climbed 3.8pc to 1,282,000, while guest nights spent by foreign visitors increased 15.2pc to 1,559,000, KSH says.
Revenue of commercial accommodations, which include hotels, bed-and-breakfasts, camp sites, resorts and hostels, rose 24pc to HUF 78bn.
A total of 21,856 tourism accommodations hosted guests in November, including 19,592 private and other accommodations.
For the period January-November, the number of guest nights at tourism accommodations rose 5.6pc year-on-year to 41,291,000. The number spent by domestic travellers increased 2.0pc to 20,804,000 and the number spent by foreign tourists climbed 9.5pc to 20,487,000.
Commenting on the fresh data, the National Economy Ministry said that guest nights in the capital had accounted for 46.3pc of the total in November. It added that elsewhere in the country, destinations around Lake Balaton were the most popular.
The tourism sector provides the livelihoods for around 400,000 households in Hungary.
Hungarian teenage girls are among the heaviest drinkers in Europe, according to a recent article in The Times based on a new report from the Organisation for Economic Co-operation and Development (OECD). The study found that Hungarian girls aged 15 are more likely to get drunk frequently than their peers in almost all other European countries, with only Denmark and the UK showing similar trends.
This revelation places Hungary at the forefront of a concerning European trend where teenage girls are increasingly surpassing boys in alcohol consumption. Over a third of 15-year-old girls in Hungary reported being drunk at least twice, significantly higher than the European average of 23%.
Changing Hungarian drinking patterns
Historically, teenage boys were seen as more likely to drink heavily, but the OECD report highlights a reversal in this trend in 12 European countries, including Hungary. This pattern reflects broader European statistics, where the gap between male and female adolescent heavy drinking rates is narrowing. According to Euronews, heavy episodic drinking among Hungarian adolescents was 44% in boys and 39% in girls, indicating that gender differences in this age group are far less pronounced than among adults.
The findings align with the results of a Hungarian study published in Students in Danger: Binge Drinking Behaviour and Associated Factors in Hungary, which analysed binge drinking behaviours in 2,449 Hungarian students. This study found that 30.5% of Hungarian students were classified as binge drinkers, with notable gender dynamics: among secondary school students, male and female binge drinking rates were nearly identical, but among university students, males significantly outpaced females.
According to a 2019 survey, Hungarian teenagers consumed alcohol for the first time at an average age of 13 years, with girls starting somewhat later than boys, at 13.5 years old.
Moreover, heavy drinking rates among adolescents in Hungary remain alarmingly high. In 2019, the ratio of heavy drinkers among adolescents to adults was over three times higher in Hungary, consistent with findings in Slovakia, Bulgaria and Austria.
Parental influence and cultural norms
The OECD report underscores the role of parental behavior in shaping teenage drinking habits. This is corroborated by the Hungarian study, which highlighted that the family environment and socioeconomic factors strongly influence alcohol consumption patterns. Parental attitudes toward alcohol, early introduction to drinking, and the normalisation of drinking at family gatherings often lead to higher rates of early alcohol use.
The Hungarian study revealed that students with poorer school performance are significantly more likely to binge drink, a correlation especially strong among secondary school students. Additionally, smoking and drug use were found to be the strongest predictors of binge drinking, indicating a broader culture of risky behaviour among teenagers.
Health implications
The rise in alcohol consumption among Hungarian teenage girls raises significant health concerns. Liver disease and other alcohol-related conditions are becoming more prevalent among young women in Hungary, mirroring trends noted in other parts of Europe.
Binge drinking among teenagers and young adults often leads to more frequent consequences compared to adults, including notable health risks like hangovers characterised by headaches and nausea. It also heightens the likelihood of unplanned, unprotected sexual encounters, which may result in unintended pregnancies or sexually transmitted infections (STIs).
According to the study, excessive drinking in adolescence can lead to structural and functional changes in the brain as well, particularly in the hippocampus, which is vital for memory and learning. Binge drinkers among university students displayed memory deficits, which were even more pronounced among extreme binge drinkers.
Dr. Gabriella Horváth, a hepatologist in Budapest, stated:
“We are seeing an alarming increase in alcohol-related liver disease in women, some as young as their early twenties. This is a wake-up call for public health authorities.”
Calls for action
Health advocates are urging the Hungarian government to implement stricter regulations on alcohol advertising and promote awareness campaigns about the dangers of underage drinking.
As we reported earlier, the Hungarian government has recently enacted stricter regulations on alcohol advertising to curb underage drinking. The revised law bans alcohol advertisements in various contexts, including on the front cover of publications, the opening page of websites, in cinemas before 8 p.m., near schools or health facilities (within 200 metres), and on products designed for children. Additionally, advertising visible from public spaces, such as shop windows, is prohibited, though the definition of “visible from public spaces” remains open to interpretation.
As Hungary grapples with this concerning trend, tackling the cultural and societal factors driving teenage drinking will be key to reversing it. Without action, the country risks a generation facing long-term health and social consequences linked to alcohol abuse.
The jobless rate in Hungary for people between the ages of 15 and 74 stood at 4.5pc in November, data released by the Central Statistics Office (KSH) on Friday show. Meanwhile, Hungary’s government sector had a HUF 2,110bn deficit in Q1-Q3, equivalent to 3.5pc of GDP. Furthermore, Hungary had a EUR 742m trade surplus in November, a first reading of data released by the Central Statistics Office (KSH) on Friday shows.
In absolute terms, there were 221,000 unemployed. The number of employed reached 4,679,000 in November, down 32,000 from twelve months earlier. For the period September-November, the average number of employed slipped 36,000 to 4,691,000. The number of people employed on the primary market fell 39,000 to 4,517,000. The number of Hungarians working abroad was little changed at 111,000 and the number of people in fostered work programmes was flat at 63,000.
The employment rate for the 15-64 age group edged down 0.3pp to 75.1pc. Data from the National Employment Service (NFSZ) show there were 225,000 registered jobseekers at the end of November, down 0.5pc from twelve months earlier. Jobseekers spent 11.6 months, on average, looking for work, but 49pc of the jobless found new positions in under three months. The percentage of jobless who had been looking for work for at least one year reached 33pc.
Commenting on the fresh data, Sándor Czomba, the state secretary for employment policy, said employment remained stably high during the period and attributed the minimal decline from a year earlier to a high base. Hungary’s employment levels, which exceed the European Union average, contribute to an expansion of consumption and economic growth, strengthening Hungary’s competitiveness, he added.
Hungary government sector deficit reaches 3.5pc of GDP in Q1-Q3, says KSH
Hungary’s government sector had a HUF 2,110bn deficit in Q1-Q3, equivalent to 3.5pc of GDP, preliminary data released by the Central Statistics Office (KSH) on Friday show. Government sector revenue rose 8.0pc to HUF 25,205bn, while expenditures increased 4.0pc to HUF 27,315bn.
Revenue from social insurance contributions climbed 13.8pc to HUF 6,189bn and revenue from taxes on production and imports increased 6.3pc to HUF 10,262bn. On the expenditure side, investment spending fell 10.3pc to HUF 1,865bn, but interest expenditures climbed by 11.0pc to HUF 2,898bn. Alone in the third quarter, the government sector deficit reached HUF 621bn, equivalent to 3.0pc of GDP for the period.
Hungary trade surplus reaches EUR 742m in November
Hungary had a EUR 742m trade surplus in November, a first reading of data released by the Central Statistics Office (KSH) on Friday shows. Exports fell 3.5pc year-on-year to EUR 12.582bn. Imports rose 2.3pc to EUR 11.841bn.
Trade with other European Union member states accounted for 76pc of Hungary’s exports and 72pc of its imports during the month. For the period January-November, Hungary had a trade surplus of EUR 11.110bn. Exports fell 3.9pc to EUR 133.924bn and imports declined 5.5pc to EUR 122.813bn.
This year, Forbes has once again compiled its list of the 50 richest Hungarians. While many of the names featured are already familiar, with their financial standings being no secret, a few newcomers have made their mark, securing higher positions than expected.
The Forbes list of the 50 richest Hungarians is once again headed by Hungarian Prime Minister Viktor Orbán’s childhood friend Lőrinc Mészáros, who boasts a fortune of more than HUF 1 trillion (EUR 2.44 billion) this year. His wealth has increased by more than 107%, driven by stock market transactions and public investments.
In 2023, Mészáros’ companies generated HUF 155 billion (EUR 378 million) in dividends, of which he directly raised HUF 73 billion (EUR 178 million). The Felcsút billionaire’s network of companies has expanded not only in Hungary but also in several countries in the region.
The top 10 richest Hungarians
The aggregate distribution of wealth in Hungary in 2024 will continue to show a significant concentration among the richest individuals on the Forbes list. The leader is still Lőrinc Mészáros, who is a major player in the Hungarian economy.
His soaring fortunes can be attributed to the success of Opus Global, as well as a number of investments in construction, agriculture and tourism. Others on the list have also achieved outstanding results in various industries, from finance to real estate development and online services.
Here is the list of the top 10 richest Hungarians:
1. Lőrinc Mészáros with HUF 1,241.8 billion (EUR 3.03 billion)
2. Sándor Csányi with HUF 684.8 billion (EUR 1.67 billion)
3. Zsolt Felcsuti with HUF 487.4 billion (EUR 1.19 billion)
4. Tibor Veres with HUF 473.3 billion (EUR 1.15 billion)
5. György Gattyán with HUF 364.2 billion (EUR 888 million)
6. László Szíjj with HUF 333.3 billion (EUR 813 million)
7. Dániel Jellinek with HUF 297.3 billion (EUR 725 million)
8. Gábor Széles with HUF 228.6 billion (EUR 557 million)
9. István Garancsi with HUF 226.2 billion (EUR 552 million)
10. Sándorné Demján and her family with HUF 225.2 billion (EUR 549 million)
The stakeholders include construction companies, banking and financial services, technology and media companies, all of which have a significant impact on the domestic economy.
This year, Erik Keszthelyi, whose wealth reaches HUF 100 billion (EUR 244 million), made his debut on the list. Keszthelyi has achieved success in the insurance sector and has a significant stake in Hungarikum Insurance Group. The owners of Hell Energy have also returned to the list, and after four years of legal battles, they are once again among the richest.
Other than Lőrinc Mészáros, István Tiborcz, the Prime Minister’s son-in-law, has also doubled his wealth in a year to HUF 151.5 billion (EUR 369 million), putting him in 15th place in the top 50. His main interests include the Gránit Bank and the BDPST luxury real estate business, which he manages jointly with his wife, Ráchel Orbán.
What could be the key to success?
While the growing wealth of the richest is impressive, in many cases the economic backdrop also includes state subsidies, privatisation and large dividend payments. This raises questions about the extent to which the Hungarian economy benefits from these wealth accumulations and the contribution of companies to sustainable development.
The list of the 50 richest Hungarians is not only a reflection of business success but also of the country’s economic structure. The growing disparities indicate that a significant share of economic opportunity is concentrated at the top, which could raise serious social and economic issues in the long term.
The landscape for guest workers in Hungary is undergoing a significant shift as economic challenges and stricter regulations reshape labour demand. While the influx of foreign workers has slowed, key sectors like logistics and hospitality still rely heavily on overseas labour, highlighting the growing complexities of Hungary’s workforce dynamics.
Number of guest workers in Hungary faces a major shift
As Portfolio reports, the influx of guest workers in Hungary has shown a notable shift this year, as economic challenges have caused the steady rise in numbers to plateau. According to the Hungarian Central Statistical Office (KSH), nearly 100,000 foreign workers were recorded in autumn, reflecting a decrease in growth.
Magdolna Mihályi, managing owner of Jobtain HR Services Ltd., explained that while the import of foreign workers continues, it has slowed due to a 5% drop in industrial production compared to last year. Factors contributing to this slowdown include a recession in the automotive sector, reduced investment, and stricter government regulations on foreign labour assessments. Additionally, Hungarian labour reserves are being mobilised more actively, further influencing the demand for foreign workers.
What is fueling the change?
Magdolna Mihályi of Jobtain HR Services Ltd. highlighted several factors behind the trend described above, including a sharp decline in investments, a recession in the automotive sector, and stricter government regulations on foreign labour assessments. Similarly, József Nógrádi, Commercial Director of Trenkwalder, noted a 25% drop in the inflow of foreign workers compared to last year, attributing it to European economic stagnation and tighter Hungarian policies. With domestic worker recruitment on the rise and existing guest workers filling critical roles, demand for foreign labour has fallen by 30% compared to the previous year. Stricter regulations have also improved transparency and eliminated exploitative practices, contributing to a more regulated labour market.
Struggling sectors
The demand for guest workers in Hungary is shifting as economic conditions vary across industries. While the automotive and construction sectors face redundancies, logistics, transport, and food continue to attract workers, particularly from the Philippines, Vietnam, India, and Indonesia. Despite efforts to mobilise domestic workers, labour shortages persist in hospitality, IT services, and waste processing. Experts note that Hungary’s declining working-age population and nearly full employment make foreign labour indispensable, though future demand depends on economic recovery and government policies. With strict regulations, the number of guest workers in Hungary is expected to stabilise around 150,000.
The European arm of Airports Council International (ACI Europe) ranked Ferenc Liszt International Airport as the fastest growing European airport in October in terms of passenger traffic. Passenger numbers in the first ten months of the year at Budapest Airport, powered by VINCI Airports, exceeded the total for the previous year, and the company expects similarly dynamic growth in the future. The airport’s new owners and the company’s management team are prepared to develop and expand the airport, in order to adapt the infrastructure to the expected passenger numbers and provide high-quality services.
Passenger traffic at Ferenc Liszt International Airport was 19.8% higher in October 2024 than in the same month of the previous year, making it the fastest growing airport in Europe, according to ACI Europe. Of the 20 airports surveyed, only seven recorded double-digit growth in October. With this growth, Budapest airport overtook major European airports, bud.hu wrote.
Budapest Airport has set individual records in each of the first ten months of this year, surpassing the passenger traffic figures of the record months in 2019, and by the end of October, total passenger traffic had surpassed the twelve months of 2023. Between January and October this year, the highest numbers of passengers flew from Budapest to London, Istanbul and Milan.
The airport operator expects significant growth in the future as well, and accordingly, the owners and management have started to prepare the airport for the increased passenger traffic and the expected developments.
Francois Berisot, the CEO of Budapest Airport, said, “The country’s appeal is attracting more and more people to explore Budapest and Hungary, which is clearly reflected in the airport’s passenger traffic. Every month has set an individual record this year and we expect similar growth in passenger numbers in the future as well. The owners of Budapest Airport are committed to developing the airport, with the first major milestone being the completion of detailed plans for Terminal 3 next year, and preparations for construction works also continuing. The upcoming developments will ensure that Ferenc Liszt International Airport will soon enter a new golden age, offering a better than ever environment for those arriving in and departing from Hungary.”
Sticking to tradition, Pornhub revealed its statistics about Hungarians’ favourite porn categories in 2024. Although the ‘lesbian’ category dominated the porn consumption habits of Hungarians for many years, in 2024, PornHub found that another porn type took the first place. They also revealed the biggest porn consumer countries, but Hungary is not among them even though many regard our country as a porn industry giant.
Hungarians’ favourite porn categories revealed
On the globe, the most popular porn category was ‘hentai’, a type always in the top 10. In 2014, it occupied only the 14th place but took the lead step by step. It “won” the competition every time in the last four years. The second place went to the MILF category, while the third was pinay referring to Philippine women, Blikk, a Hungarian tabloid, wrote. Here is the top 10 in 2024:
hentai
MILF
pinay
lesbian
anal
big butt
anime
Japanese
Latina
Asian
The porn consumption habits of the Hungarians differed a bit from the global trend. The first place in Hungary went to the MILF category, while last year the lesbian took the first place.
Angele White tops internet searches
Concerning porn stars, the Australian Angela White is in the first place. The second place went to Abella Danger, and Violet Myers was third. In the men’s category, Alex Adams topped the list.
The statistics also showed from which countries people consume the most porn. Hungary is not even in the top 20. From the Eastern and Central European regions, only Poland (12th) and Ukraine (15th) are in the top 20. The top 10 countries are the following ones:
United States
France
The Phillippines
Mexico
United Kingdom
Germany
Brazil
Italy
Japan
Canada
In two countries, women watch more porn
Interestingly, the time per capita spent on PornHub and consuming content was lower than last year. The average was 9 minutes and 40 seconds, 29 seconds less than in 2023. People spend the most time on average in Mexico, the Netherlands and the United States watching porn on PornHub.
Furthermore, women spend a bit more time watching porn than men. The difference is 17s. However, women watch porn at a bigger rate than men only in the Phillippines (59%) and Argentina (51%).
Output of Hungary’s industrial sector edged down 0.2pc in October, a detailed release of data by the Central Statistics Office (KSH) on Friday shows.
The detailed data show output of the automotive industry, Hungary’s biggest manufacturing sector, fell 3.9pc year-on-year in October. The segment accounted for 26pc of manufacturing output during the month.
Output of the computer, electronics and optical equipment segment, accounting for 11.0pc of manufacturing, rose 16.3pc. Output of the electrical equipment segment, which made up 9.4pc of manufacturing output, fell 16.9pc. Output of the food, drinks and tobacco segment, which made up 13pc of manufacturing sector output, climbed 2.7pc.
Adjusted for the number of workdays, headline output was down 3.1pc. In a month-on-month comparison, output was up 2.0pc, on a seasonally- and workday-adjusted basis.
According to Forbes, despite the Hungarian government’s allegations, the output of the Hungarian industry does not keep falling because of the struggling German economy but due to the malaise of the battery industry.
Construction sector output slips 0.5pc in October
Output of Hungary’s construction sector edged down 0.5pc year-on-year in October, data released by the Central Statistics Office (KSH) on Friday show. Output of the buildings segment fell 5.7pc but civil engineering output climbed 7.5pc. In absolute terms, construction sector output reached HUF 679bn in October. The buildings segment accounted for 57pc of the total.
In a month-on-month comparison, construction sector output rose 4.6pc, adjusted for seasonal and workday effects. Order stock was 31.8pc higher at the end of October than twelve months earlier. Buildings segment orders inched down 2.2pc but civil engineering orders jumped 66.0pc.
New orders dropped 44.2pc during the period. New orders in the buildings segment were down 34.5pc and new civil engineering orders fell 53.4pc. For the period January-October, construction sector output edged up 0.7pc from the same period a year earlier.
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Many people think of happiness as an abstract feeling, but in reality, there are many concrete factors that influence how satisfied we are with our lives. NN Longevity’s research shows that happiness levels in Hungary are not only low but have continued to decline in recent years.
The results of the NN Longevity research show that there is a strong link between happiness and financial security. The level of happiness among the Hungarian population is low not only in comparison with Western Europe but also with neighbouring countries. The average score on a 10-point scale is only 5.4 in Hungary, below 6.4 in Romania, for instance.
According to Pénzcentrum, this figure suggests that the state of mind of the country’s inhabitants is among the worst in the region. The picture is even more pessimistic when it comes to the outlook for future happiness, whereas Hungary also comes bottom. While Hungarian respondents expect to be 5.9 points happier in ten years’ time, the figure is much higher in the rest of the region, with Romanians, for example, predicting a score of 7.
Different factors in happiness
The research shows that happiness does not simply decline with age. Although young people aged 18-34 are the happiest, with an average score of 5.8, they are not followed by middle-aged people. Those aged 50-64 were slightly happier than those aged 35-49, who scored an average of 5.3.
However, this group, which should traditionally be at the height of their careers and financial stability, is carrying a heavier burden than expected. The least happy generation is the over 65s, with a happiness score of just 5.2. This finding suggests that financial and health insecurity in old age has a major impact on quality of life.
The analysis also shows that financial stability plays a crucial role in happiness. Hungarian respondents who have at least six months’ savings feel significantly happier than those who have no savings. A sense of financial insecurity significantly reduces happiness levels: those with no more than three months’ savings scored an average of 4.8 points, while those with six months’ savings scored 6.4 points.
According to Portfolio, respondents also showed a significant difference in their self-assessment, with those with money set aside giving themselves an average score of 6.7, compared to an average of 5.1 for those without a reserve. This suggests that financial stability is a key determinant not only of financial welfare but also of psychological well-being.
The research also revealed that for Hungarians, a happy and meaningful life is based on several components, one of the most important of which, according to respondents, is reducing stress and achieving calmness, which is essential for a balanced life. They also highlighted the importance of spending time with loved ones, which strengthens emotional bonds, and a healthy lifestyle, which is central to maintaining physical and mental well-being.
Financial factors are also crucial: current financial well-being and future financial security are essential for people to feel balanced and satisfied. Longer life expectancy places particular emphasis on preparing for the future, as financial security in old age is essential for a comfortable life.
The challenges of retirement
According to the survey results, 63% of Hungarians consider financial security to be an essential condition for retirement. However, the majority of respondents feel that they are not doing enough to create financial security for their retirement. Only one in five Hungarians save regularly for retirement, suggesting that long-term financial planning remains a low priority for the majority of people. This low propensity to save is likely to exacerbate concerns about the future and contribute to Hungarians’ lowest levels of happiness in the region.
NN Longevity’s research has clearly shown that happiness is not solely dependent on subjective factors. Financial stability, stress reduction, a healthy lifestyle and the cultivation of social relationships are all essential elements that can contribute to a balanced and satisfying life. In the case of Hungary, it would be particularly important for people to place more emphasis on long-term financial planning, as this has a major impact not only on current but also on future levels of happiness.
The climate for doing business amid the current circumstances remains the most favourable for big companies, exporters, foreign-owned enterprises and those in the industrial sector, a gauge of sentiment by the the Economic Research Institute (GVI) of the Hungarian Chamber of Commerce and Industry (MKIK) shows. Meanwhile, the industrial output edged down 0.2pc in October. Adjusted for the number of workdays, output dropped 3.1pc.
GVI’ssurvey of 2,102 managers showed small companies, dependent on domestic sales and businesses in commerce and construction were most exposed to the impact of the economic crisis.
GVI’s confidence index stood at +22 points in October, unchanged from April but three points higher than twelve months earlier.
Industrial output edges down 0.2pc in October
Output of Hungary’s industrial sector inched down 0.2pc year-on-year in October, a first reading of data released by the Central Statistics Office (KSH) on Friday shows. Adjusted for the number of workdays, output dropped 3.1pc. Output of most manufacturing branches rose in October, KSH said. Among the biggest ones, output of the automotive and electrical equipment segments declined, while output of the computer, electronics and optical equipment and the food, beverage and tobacco segments increased, it added.
In a month-on-month comparison, output rose a seasonally- and workday-adjusted 2.0pc. For the period January-October, industrial output declined 3.9pc year-on-year. KSH will release detailed data on output of industrial sector branches on December 13.
German automotive industry is the reason
Commenting on the fresh data, the National Economy Ministry said the month-on-month increase in output was reassuring. It also pointed to the “hectic” international environment as several countries in Europe faced economic and political crises at the same time. German automotive industry companies are scaling back as demand falls, with Volkswagen even planning layoffs, it added. In addition to the impact of the war in Ukraine, the circumstances are impacting the output of Hungary’s export-oriented economy and industry, the ministry said. The performance of Hungary’s industrial sector will improve as big local investments by multinationals such as CATL, BYD, BMW, SEMCORP and EcoPro are completed, it added.
Fiscal financing position stable, Orbán government says
Hungary’s fiscal financing position for 2025 is stable and all resources necessary for the New Economic Policy Action Plan are available, Peter Beno Banai, the state secretary for the budget, said presenting the country’s 2025 financing plan on Friday.
All conditions are in place to step up Hungary’s economic growth, Banai said. He added that Hungary had preserved its stable financing in recent years and kept its investment-grade credit rating.
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From 2025, the minimum wage in Hungary will increase by 9%, resulting in a net monthly income of HUF 193,300 (EUR 466). However, this remains far from sufficient to cover the cost of renting an independent apartment in Budapest or other urban centres.
In addition to housing, basic expenses such as food, utilities, and transport place a significant strain on budgets. Consequently, most minimum wage earners are left with options such as room rentals or living arrangements that involve substantial compromises.
Renting in Budapest and minimum wages
Renting a single room in Budapest currently costs between HUF 45,000 (EUR 108) and HUF 130,000 (EUR 313), with the average hovering around HUF 98,000 before utilities are added. According to Pénzcentrum, with a budget of HUF 97,000 (EUR 233), renting a room is nearly the only viable option, while independent living is restricted to lower-quality or peripheral micro-rentals. In smaller cities, the situation is slightly better; modest apartments can be found within this price range, though they still require considerable compromises.
Sharing the cost of renting an apartment is becoming increasingly common. For instance, a two-room apartment in the outer districts of Budapest can cost around HUF 200,000 (EUR 482) per month, meaning two people could pay less than HUF 100,000 (EUR 241) each. However, this arrangement is far less affordable in the inner districts or more desirable neighbourhoods, where similar apartments command significantly higher rents.
Couples earning the minimum wage may find larger apartments slightly more attainable, though they still need to compromise on size or location in Budapest. Two people earning around HUF 190,000 (EUR 458) each can primarily afford to rent on the outskirts of the capital. In rural areas, two-room flats are more accessible and provide a slightly easier route to decent housing.
Those earning the guaranteed minimum wage (requiring at least secondary education) of HUF 232,000 (EUR 559) net have slightly more options, though these are still limited. In Budapest, the average monthly rent for a one-bedroom apartment is approximately HUF 178,000 (EUR 429), leaving just enough for utilities. In smaller cities, the situation improves somewhat: one-bedroom flats in regional centres often rent for around HUF 126,000 (EUR 303), allowing greater financial flexibility.
Trends in the rental market
Rental prices are expected to rise by 5–10% in the coming year, further restricting options for those on minimum or guaranteed minimum wages. The supply of affordable housing on the national rental market is already minimal, with most options concentrated in Budapest and county cities. While smaller towns offer lower prices, the limited availability of housing presents a significant challenge.
Most tenants seek furnished, equipped apartments of at least 40 square metres. Flats in the HUF 200,000 (EUR 482) range remain the most popular at the upper end of the market, while those on tighter budgets are largely limited to renting rooms or shared flats.
Despite increases in minimum and guaranteed minimum wages, the housing affordability crisis remains unresolved. Rising rents and limited supply will continue to burden low-income earners, particularly in Budapest and larger cities. For many, shared accommodation or cheaper rentals in smaller municipalities will remain the only practical solutions.
Hungary’s GDP contracted 0.7pc year-on-year in the third quarter, adjusted for seasonal and calendar year effects, a second reading of data released by the Central Statistics Office (KSH) on Tuesday shows.
According to KSH, without adjustments, GDP fell 0.8pc.
Services’ performance and the balance of product taxes and subsidies mitigated the decline by 0.8pp and 0.3pp, respectively. Industry contributed 1.1pp, agriculture 0.6pp, and the construction sector 0.2pp to the decline.
On the consumption side, investments contributed 2.1pp and the trade balance 0.9pp to the decline. Final consumption mitigated the drop by 2.1pp.
In a quarter-on-quarter comparison, GDP dropped a seasonally- and calendar year-adjusted 0.7pc.
In Q1-Q3, GDP rose an unadjusted 0.6pc and an adjusted 0.7pc.
Production approach
The industry reduced its performance by 4.4%, while manufacturing grew by 6.2% compared to the same period of the previous year. Among manufacturing branches, the largest contributors to the decrease were the manufacture of motor vehicles, trailers and semi-trailers and the manufacture of electrical equipment, while the manufacture of rubber and plastic products and the manufacture of food products, beverages and tobacco products slowed the fall in industry the most. The value added of construction was 4.0% and that of agriculture (as a consequence of the drought) 14.9% lower than in the corresponding period of the previous year.
The gross value added of services increased by 1.9% in total. The highest increase (5.9%) occurred in arts, recreation and other service activities. The value added of education was up by 3.8%, that of transportation and storage by 2.8% and the value added of information and communication by 2.6%. The performance of both accommodation and food service activities and financial and insurance activities increased by 2.4%. The value added of human health and social work activities grew by 2.3% and that of real estate activities by 1.2%. The performance of professional, scientific, technical and administrative activities became 0.9%, that of wholesale and retail trade 0.8% and the performance of public administration 0.4% larger.
The 0.8% decrease in gross domestic product in the 3rd quarter of 2024 was reduced by services (by 0.8 percentage point) and the balance of taxes and subsidies on products (by 0.3 percentage point). Industry lowered the performance of the economy by 1.1, agriculture by 0.6 and construction by 0.2 percentage point. Within services, all sections contributed to a similar extent to offsetting the decrease in GDP.
The actual final consumption of households was up by 4.2% compared to the same period of the previous year. Household final consumption expenditure, representing the largest proportion of the components of the actual final consumption of households, rose by 4.5%. The (domestic) consumption expenditure of households realised on the territory of Hungary became 4.1% higher. The volume of domestic consumption expenditure increased in all durability groups: by 1.6% in the case of durable goods, by 4.6% for semi-durable goods, by 4.8% in the case of non-durable goods and by 4.0% for services.
The volume of social transfers in kind from the government went up by 3.3%, while that of the actual final consumption of the government diminished by 1.4%. The volume of social transfers in kind from non-profit institutions serving households (NPISHs) grew by 1.2%.
As a result of the above trends, actual final consumption increased by 3.2%.
Gross fixed capital formation fell by 14.0% in the 3rd quarter compared to the corresponding period of the previous year. Both the volume of investments in construction and that of investments in machinery and equipment went down.
Gross capital formation decreased by 4.9% compared to the same period of the previous year.
As a result of the trends of consumption and of capital formation, domestic use as a whole grew by 0.3% in the 3rd quarter.
Hungary had a EUR 3.544bn surplus in trade of services in the third quarter, data released by the Central Statistics Office (KSH) on Friday show.
Exports of services increased 4.2pc year-on-year to EUR 9.782bn. Imports of services were up 1.9pc at EUR 6.238bn. The tourism surplus reached EUR 1.533bn, the logistics surplus came to EUR 784m and the surplus for business services stood at EUR 621m. Surplus from contract labour services reached EUR 520m.
Trade with other European Union member states accounted for 68pc of Hungary’s service exports and 74pc of its service imports in Q3. Hungary’s biggest partner in trade of services was Germany, accounting for 20pc of turnover. Austria was runner-up, with a 7.8pc share, followed by the United States with 7.6pc.
In the first three quarters of the year, the export of services climbed 4.5pc to EUR 26.266bn, imports increased 3.4pc to EUR 17.393bn and the surplus in trade of services reached EUR 8.872bn.
Factory gate prices up 2.6pc in October
Factory gate prices in Hungary were up 2.6pc year-on-year in October, data released by the Central Statistics Office (KSH) on Friday show. Prices for domestic sale fell 0.5pc but export prices climbed 4.1pc. Domestic prices of the manufacturing sector, which have a 60.0pc weight in the PPI, rose 1.2pc year-on-year. Domestic energy prices, which account for 38.6pc of PPI, fell 4.0pc.
Export prices of the manufacturing sector, which have an 82.9pc weight in the PPI, rose 4.0pc, while energy sector export prices, with a 16.7pc weight, climbed 1.4pc. In a month-on-month comparison, factory gate prices were up 1.0pc as prices for domestic sale slipped 0.5pc but export prices increased 1.8pc. In January-October, factory gate prices fell 0.5pc year-on-year as prices for domestic sales dropped 2.6pc and export prices inched up 0.6pc.
Szabó Gear Manufacturing inaugurates HUF 2.3bn production hall
Szabó Gear Manufacturing inaugurated a HUF 2.3bn production hall in Kaposvar (SW Hungary) on Thursday. The company won HUF 407m in conditional European Union funding and around HUF 619m in government support for the investment. Managing director Krisztián Szabó said the company employed around 50 people at present but headcount could climb by 100 with the addition of the production hall.
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Corvinus University of Budapest has once again earned its place among the elite institutions in global higher education. In the latest Eduniversal rankings, Corvinus was recognised as one of the top business schools in Central and Eastern Europe, underscoring its excellence and long-term vision.
The Eduniversal rankings, which evaluate the world’s top 1,000 business schools, placed Corvinus third in the region, sharing this prestigious spot with the Faculty of Economics and Business at the University of Zagreb. Leading the rankings were the University of Economics in Prague and the Faculty of Business Administration at the University of Warsaw. This distinction is particularly significant as it reflects the opinions of higher education leaders from over 150 countries, making it a powerful testament to Corvinus’ international standing.
Global recognition
Corvinus University’s high placement demonstrates the success of its ongoing efforts to strengthen its professional network and enhance its prestige on the world stage. According to Világgazdaság, Cécile Escape Perochain, Managing Director of the Eduniversal Group, highlighted Corvinus’ exemplary role, not only in its region but also globally. She praised the innovative leadership and forward-thinking strategies of its management, which serve as a model for other universities.
Bruno van Pottelsberghe, Rector of the University, acknowledged the collective contributions of students, faculty, and researchers in achieving this milestone. He emphasised that Corvinus’ mission is to showcase its values and achievements to a global audience, further solidifying its international reputation.
This is not the first time Corvinus has garnered such recognition. Over the years, it has consistently excelled in regional rankings. For instance, its full-time MBA programme was ranked first in the region by the QS rankings this year, further highlighting the university’s unwavering commitment to quality education and research.
The key to success
The result of careful planning and an unwavering commitment to excellence was needed to achieve this ranking. By prioritising education and research programmes that give students a competitive edge while aligning with global academic trends, the university ensures its relevance and impact. Corvinus’ strategy focuses on strengthening its international presence, building partnerships with industry leaders, and boosting its research output. These initiatives aim to cement its position as a regional leader and establish it as a serious contender on the global stage.
The rapidly evolving world of higher education demands constant innovation and adaptability. Corvinus’ leadership recognises that staying ahead means attracting the best talent, both students and academics, and staying attuned to the shifting demands of a highly competitive landscape.
Securing third place in the latest Eduniversal rankings is a major achievement. It reinforces Corvinus’ reputation as a regional powerhouse and provides a strong foundation for further progress in teaching and research. With its bold vision and dedication to excellence, Corvinus is well-prepared to tackle future challenges and seize new opportunities.
Over the past 12 years, the number of women suffering from intimate partner violence in Hungary has more than doubled, placing the country at the top of the EU rankings. A staggering 54.6% of Hungarian women report experiencing psychological, physical, or sexual violence from a partner, often repeatedly. Despite rising crime rates, few cases lead to prosecution, and many victims hesitate to seek help due to a lack of trust in authorities.
Scary numbers in intimate partner violence against women
In the European Union, 31.8% of women report experiencing intimate partner violence, with 14.6% facing repeated abuse, Szabad Európa reports.
However, Hungary’s alarming figure of 54.6% surpasses all other member states, followed by Finland (52.6%) and Slovakia (50.2%).
By contrast, countries like Portugal, Bulgaria, and Poland report significantly lower rates (22.5%, 20.5%, and 19.6%, respectively). Hungarian women also face more severe forms of abuse, with 41.1% subjected to physical and sexual violence, according to the results of a studyconducted by Eurostat, the European Union Agency for Fundamental Rights (FRA) and the European Institute for Gender Equality (EIGE), which has just been published for the period 2020-2024.
Worsening trend: Women do not trust authorities
The trend is worsening; in 2012, only 21% of Hungarian women reported such experiences. The doubling of cases is reflected in police statistics, yet only 6% of victims currently turn to authorities for help, down from 14% a decade ago. This reluctance stems from limited legal action and inadequate protective measures.
Hungary’s refusal to ratify the Istanbul Convention, citing alignment with national policies and existing legal protections, has drawn criticism.
Women’s rights expert Dr Noá Nógrádi argues that Hungary’s legal framework and institutional practices fail to protect victims effectively.
Issues include inconsistent application of existing laws, insufficient temporary restraining orders, and a lack of tailored victim support services.
Civil society organisations also highlight the absence of accessible data. Without systematic research and analysis, it is difficult to assess the effectiveness of policies or to implement meaningful reforms. Dr Nógrádi stresses that comprehensive data collection is a prerequisite for addressing societal issues like intimate partner violence. However, in Hungary, organisations conducting such research often face stigmatisation.
Without genuine political will and structural reforms, experts warn that Hungary will struggle to combat its worsening domestic violence crisis effectively.