Hungarian Conservative

GDP per capita growth has been above the EU-27 average in every year since 2010, so the Hungarian economy has grown faster than the EU average. Our decline in 2020 was also below average, and even below the large decline in 2009—despite the fact that the EU average decline in 2020 was larger than in 2009.

A sustained and substantial improvement in earnings started in 2013 in Hungary. In that year the country managed to repay its previous IMF loan, giving the government more freedom to reform and restructure the tax system, including reducing taxes on labour. The six-year minimum wage agreement launched in 2017 doubled the minimum wage for jobs requiring qualifications by 2022 and increased the overall minimum wage by 80 per cent.