In terms of actual individual consumption, we fell short in the region
In 2016, György Matolcsy, the president of the Hungarian National Bank, predicted that Hungary would overtake Austria in a few years. However, the detailed summary prepared by Mfor.hu now shows how far we are from this goal and how Romania has overtaken us in the past two decades.
The analysis looks at countries based on actual individual consumption, i.e. the AIC (actual individual consumption) indicator is used as a basis. AIC is used to measure the purchased goods and services, taking into account the price level of the given country. In this way, the indicator enables a comparison of the living standards of the countries, and Eurostat annually publishes its percentage values compared to the EU average.
The figures show that, although Hungary started from an advantageous position in 2004, it lost its advantage over the Slovaks by 2010, and since then Romania has also overtaken it. By 2022, only Bulgaria is behind us in the EU with a value of 69. Romania showed dynamic growth, increasing by 30 percent between 2010 and 2022, while in Hungary this value was 8 percent.
The Romanians also surpassed the Czechs in 2022, with a ratio of 83. The closest to Austria in the region is Slovenia with a value of 87.
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