World Bank: $2.4 billion sent home to Hungary in 2013


A newly-released report from the World Bank shows that a whopping $2.4 billion was sent into the country from Hungarian citizens living abroad in 2013, the equivalent of 1.8% of GDP or about $5,200 per émigré.

With an estimated 4.6% of the population – or about 462,000 – figured to have emigrated abroad, the proportion of GDP shouldn’t be a surprise. More eye-opening were statistics that showed a pair of nations in the region with fewer emigrants receiving even more funds from abroad: Romania (with transfers received worth about 2.1% of GDP) and Slovakia (2.1%).

The 462,000 may in actuality be a bit lower as well: In reporting on the statistics, local news outlet Népszava recalled recent National Economy Ministry statistics which reckon that at least 450,000 Hungarians are working in European Union member states alone.

The World Bank further noted in the report that some 12.3% of Hungary’s university graduates are living and working outside the country at present.

World Bank figures show that global remittances for 2014 are expected to be $414 billion, with the number rising steadily to up to $540 in 2016. The world’s leader in fund remittances received was Kyrgyzstan, which takes in an incredible 31.3% equivalent of national GDP from abroad.


November PMI Indicates Slower Manufacturing Sector Expansion Analysis

November PMI Indicates Slower Manufacturing Sector Expansion

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

BDPST Equity Acquires Minority Stake in Waberer's Deals

BDPST Equity Acquires Minority Stake in Waberer's

Hard Rock Hotel Opens 'Star Chalet' for Winter Season Hotels

Hard Rock Hotel Opens 'Star Chalet' for Winter Season


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.