McKinsey: The digital economy in Hungary has expanded by 50 percent in four years

By: Trademagazin Date: 2022. 09. 15. 14:29

The performance of the digital economy in Hungary increased by 50 percent, from 6.6 billion euros to 9.8 billion euros, between 2017 and 2021, according to the McKinsey consulting firm’s international digitalization report, which it informed MTI in a statement on Thursday.

Hungary is able to catch up with the countries at the forefront of digitalization

Despite the development, Hungary’s digital maturity is still below the regional average: the sector’s contribution to GDP is 6.6 percent, compared to the average of Central European countries of 7.7 percent. And the per capita GDP produced by the digital economy is 20 percent below the regional average, they wrote.

Jánoskuti Levente, the managing partner of McKinsey’s Hungarian office, indicated in the announcement that the digital sector in the country could contribute up to 21 billion euros to the GDP by 2030, if Hungary is able to catch up with the countries that are at the forefront of digitalization.

According to the survey, e-commerce, which accounts for about 80 percent of the digital economy, jumped 2-5 years ahead in development during the epidemic, growing by an average of 24 percent annually since 2019 in Hungary. The proportion of people actively using digital services has almost doubled, reaching 91 percent at its peak in 2021, compared to 59 percent before the pandemic.

MTI