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MNB: Productivity gap narrows between SME and larger companies

The productivity gap between SMEs and larger companies in Hungary has narrowed in recent years, but SMEs still have catching up to do, a new report by the National Bank of Hungary (MNB) shows, according to the central bankʼs website. 

The productivity of local SMEs grew about 30% between 2013 and 2018, well over the 9% improvement rate for the economy as a whole in 2013-2019, the MNBʼs Productivity Report shows. SMEsʼ productivity rate is still only about half of that at big companies.

Productivity in Hungary stands at about 72% of the European average, but productivity for SMEs alone is 47% of the EU average.

In addition to labor productivity, the annual report examines the impact of innovation, digitalization and ecology on overall productivity.