Hungary
Hungary, a high-income mixed economy in Central Europe, continues to demonstrate resilience and growth potential despite global economic challenges. The country's economy is diverse, with significant contributions from the services, industrial, and agricultural sectors. Economic growth is expected to recover in the coming years, supported by strategic investments and ongoing reforms.
Hungary's economy faced a contraction of 0.9% in 2023 due to high inflation and tighter fiscal and monetary policies. However, the GDP is forecasted to grow by 2.4% in 2024 and 3.5% in 2025, driven by strong real income growth, resilient labor markets, and increased private consumption. The ICT sector has seen significant growth, contributing over USD 20 billion and accounting for more than 20% of Hungary's gross value added.
Inflation in Hungary peaked at 17.6% in 2023 but is expected to decline to 4.1% in 2024 and further to 3.7% in 2025 as energy and food prices stabilize and consumer demand adjusts. The unemployment rate, which was 4.6% in early 2024, is projected to decrease to 4.0% by 2025 due to rising labor demand and economic recovery.
Hungary’s fiscal deficit is expected to decrease from 6.7% of GDP in 2023 to 5.4% in 2024. This improvement is driven by a recovering economy and lower subsidies to utility companies. Public debt remains high but is projected to stabilize around 73-74% of GDP over the next few years.
Top banks
OTP Bank
OTP Bank is one of the largest banks in Hungary, offering a wide range of financial services to individuals and businesses.
K&H Bank
K&H Bank provides comprehensive banking products and services, including retail banking, corporate banking, and investment services.
UniCredit Bank Hungary
UniCredit Bank is a significant player in the Hungarian banking sector, offering various financial services and maintaining a strong market presence.
Erste Bank Hungary
Erste Bank offers a variety of banking and financial services, focusing on both retail and corporate clients.
Top payment methods
Cash (Készpénz)
Credit and Debit Cards
Bank Transfers (Banki átutalások)
Mobile Payments
Online Payment Platforms
Prepaid Cards
Cryptocurrencies
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 remains a common payment method in Hungary, particularly for small transactions. Despite the rise of digital payments, cash continues to play a significant role in everyday transactions.
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 are frequently used for larger transactions, such as real estate deals and business payments. SEPA (Single Euro Payments Area) transfers facilitate efficient cross-border payments within the Eurozone, benefiting Hungary’s integration with European financial systems.
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
About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
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