As a result of the rapid development of small- and medium-sized companies in the last two years, the lag compared to large firms has eased, but the difference in terms of both productivity and wages is still significant, according to a Competitiveness Report published by the National Bank of Hungary (MNB) on its website.
The real productivity of Hungarian SMEs has increased by about 30% since 2010. Since then, with the exception of 2013, labor productivity growth among SMEs has exceeded the average for both the EU and its Visegrád Four (V4) peers.
In 2017 and 2018, Hungarian SMEs achieved one of the fastest growth rates. About half of the productivity growth in 2018 was accounted for by the construction industry, which was able to grow to such an extent as a result of largely cyclical factors and government measures.
Within the SME segment, productivity gains were greatest for micro-enterprises, followed by small- and finally medium-sized enterprises.