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Hungary

This country page contains, or links to, DG ECFIN’s recent analytical work on the economy of Hungary.

Economic situation

The Commission publishes macroeconomic forecasts for the EU and the Member States three times a year, in the spring (May), in the autumn (November) and in the winter (February). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN).

EU Financial assistance

Hungary received €14.2 billion of balance of payment assistance composed of €8.7 billion from the IMF and €5.5 billion from the European Union. Following the expiry of the BoP programme on 3 November 2010, Hungary has been subject to post-programme surveillance. More information:

Ecfin Publications

Fiscal surveillance

Assessments of Hungary's convergence programme

As required by the Stability and Growth Pact, each spring Hungary submits a convergence programme which presents an update of the medium-term fiscal strategy.

Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts an opinion on the programme in the scope of the European Semester.

Euro area Member States submit stability programmes while countries outside the euro area submit convergence programmes.

The EU Excessive Deficit Procedure and Hungary

Currently, Hungary is not subject to an excessive deficit procedure.

Macroeconomic surveillance

National reform programme

As part of the Europe 2020 strategy for a smart, sustainable and inclusive EU economy, each spring Hungary submits a national reform programme (NRP). Based on an assessment by the Commissionpdf Choose translations of the previous link  prepared by DG ECFIN, the Council adopts country-specific recommendations in the scope of the European Semester.

Macroeconomic Imbalance Procedure

The Macroeconomic Imbalance Procedure (MIP) is a surveillance mechanism that aims to identify potential risks early on, prevent the emergence of harmful macroeconomic imbalances and correct the imbalances that are already in place.

The annual starting point of the MIP is the Alert Mechanism Report: Based on a scoreboard of indicators and economic judgment, it is a filter to identify countries and issues for which a closer analysis (in-depth review) is deemed necessary. The outcome of these in-depth reviews forms the basis for further steps under the MIP.

An in-depth review for Hungary has been carried out in 2012, 2013 and 2014. Please find full documents below: