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Hungary Consumption Per Capita at 70% of EU Avg

Figures

Image by LaMography

Hungarians' actual individual consumption (AIC) per capita, at purchasing power parity, stood at 70% of the EU average in 2023, data compiled by Eurostat show, according to a report by state news wire MTI.

Hungary's AIC was lower than the rates for Czechia (81%), Poland (86%) and Slovakia (75%) last year.

AIC includes all goods and services used by households, regardless of whether they were purchased by households directly or by the state.

Hungary's GDP per capita reached 76% of the EU average last year. The comparable rate was 91% for Czechia, 80% for Poland and 73% for Slovakia.

Addressing "misinterpretations" of the data that suggested Hungary was "the poorest" European Union member state, the National Economy Ministry pointed out that Hungarian households' gross savings rate stood at over 21%, the highest in the EU.

"Hungarian households aren't spending their income, they're saving it," the ministry said.

Since the start of 2022, Hungarian households' gross financial worth has risen by more HUF 22.5 tln and now stands over HUF 102 tln, it added.

Last year, Hungarian households' interest revenue, relative to GDP, reached 4pc, the highest rate in the EU, thanks in large part to subscriptions of retail government securities, the ministry said.

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