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Financial Services Report Hungary

  • ID: 2139158
  • Report
  • Region: Hungary
  • 21 Pages
  • The Economist Intelligence Unit
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Hungary's financial sector has taken a battering in the past decade. One cause has been persistent weakness in the euro zone economy, to which the country is closely tied. A second cause has been the punitive policies against financial firms, especially foreign owned ones, pursued by the current right-wing government. The results have been falling levels of bank credit and a diminished private pensions industry. Since 2015 the authorities have taken a less hostile stance, however.

Hungary has a smaller financial sector than its average EU peers. Finance and insurance generated 2.9% of GDP in 2018, compared with about 4.4% across the EU as a whole, according to Eurostat. The industry engaged just 1.8% of the Hungarian labour force in that period, compared with about 2.5% in the EU.

The Hungarian banking sector is highly concentrated, with a small number of banks dominating deposit-taking and lending. The share of majority-foreign-owned banks of total sector assets has come down sharply in recent years, to 39% by the third quarter of 2018, as banks such as the foreign-owned Budapest Bank were sold to local investors.

Industry List: Asset management, Financial Services, Banking, Financial Services, Financial markets and instruments, Financial Services, Financial regulation, Financial Services, Financial Services, Financial Services, Insurance
Industry Codes (NAIC): 52
Industry Codes (SIC): 60
Note: Product cover images may vary from those shown
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Financial Services Report Hungary

Overview

Banks

Insurers

Asset managers

Financial markets and instruments

Financial regulation
Overview
Regulatory watchlist

Monetary and currency policy: Monetary policy

Monetary and currency policy: Exchange rates

Hungary at a glance

Fundamental indicators

Key contacts
Note: Product cover images may vary from those shown
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