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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
The changing demographic and disease profiles of Hungary were the drivers of the expansion of health expenditure in recent years. As a result, the country spent 7.4% of its GDP on healthcare in 2016, still below the EU average. The government ...
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The acceleration of economic activity, driven to a large extent by higher household consumption, was the main driver of the food and beverage sector in 2017. The sector’s production value grew by 4.9% y/y to HUF 2,981.7bn. Food manufacturing, ...
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The Emerging Europe region as covered by the scope of the report consists of Russia, Romania, Turkey, Poland, Hungary and the Czech Republic (listed in order from the largest to thesmallest oil producers). In terms of their importance on the natural ...
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Proximity to Western European markets, low-cost skilled labour and favourable investment environment have turned Emerging Europe into a preferred location for major automotive producers and helped the region claim an increasing share of the global ...
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Total expenditure on healthcare in Hungary in 2015 reached HUF 2,460bn, up by 6.3% y/y. Government and compulsory health care financing schemes made up 67% of the expenditure, followed by private out-of-pocket spending (29%). Voluntary healthcare ...
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The automotive sector in Hungary plays an important role in the country’s economy and exports. In 2016, the transport equipment GVA represented a 4.5% share in the country’s GDP. In 2016, the transport equipment sector accounted ...
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Hungarian agriculture accounted for 2.1% of the EU’s agricultural output in 2016, up by 0.2 pp y/y. The agricultural sector accounted for 3.8% of the country’s total GDP and for 4.4% of the total gross value added (GVA). GVA ...
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Hungary’s food and beverage industry accounted for 4.6% of the total gross output and for 2.2% of the gross value added of the economy in 2016. The industry is a significant part of the manufacturing sector, accounting for 11.5% of its gross ...
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Hungary is one of the net importers of electricity in Central East Europe (CEE), with a net import deficit of around HUF 144bn as of 2016. The country is increasingly dependent on electricity imports as its generating capacities are in decline as a ...
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Hungary is located at the crossroads of four major road, railway and inland waterway corridors that link Eastern, Western and Southern Europe. The country’s transportation sector accounts for around 5.1% of its GDP and close to 7% of total ...
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