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.