We are heading into the difficult, globally challenging period with good indicators, as our country achieved the third best performance among the countries examined by the OECD based on the change in GDP per capita based on the data for the first quarter of 2022. In five years, we have increased the value of GDP per capita by 21 points, in the last quarter only the Irish and the Poles were better than us.
Géza Sebestyénthe writing of the head of the MCC Economic Policy Workshop on Makronom.
The economic performance of a country is essentially linearly related to the number of employed people. If more people work in a given state, it is expected that the total GDP will also be higher. For this reason, when comparing certain countries, we tend to take the GDP per capita indicator into account.
THE world according to previous data, it calculated purchasing power parity based on GDP per capita
Hungary has the 43rd best indicator in the whole world.
Although Poland is still ahead of us, we have left behind countries such as Portugal, Romania, Latvia, Croatia, Slovakia or Greece.
Our country has improved its economic development index particularly quickly in recent years. As Figure 1 shows, in five years (between the first quarters of 2017 and 2022), a total of 21-year-olds increased the value of GDP per capita.
Our data is very good in an international comparison
Hungary’s performance was only slightly behind the 24 percent expansion of the Poles. However, the gold medal is Irish. In their case, the pointer became 48 longer and higher at a dizzying pace, with double the value of the silver medalist.
The Hungarian performance is better than the 9 percent of the Greeks or Portuguese, the 8 percent of the Czechs or the Slovaks, and more than five times the performance of the Austrians under 4 percent, seven times the 3 percent expansion of the French and Italians, and ten times the 2 percent of the Germans and the British. of its value.
Hungary’s performance is well over four times higher than the Eurozone’s indicator of just under 5 percent. This is good news, as it shows that the economic convergence of our country has continued in recent years.
There was a lot of very bad data
Among the countries followed by the OECD, the worst result was registered in the case of Mexico. In the case of the USA’s southern neighbor, the level of economic development has directly decreased, by 6 percentage points in relation to the five years examined.
Neither the Japanese nor the Icelanders have much reason to be happy. In the case of these two countries, the GDP per capita indicator has essentially said nothing in the last five years. As a result, both countries slipped back in the rankings, in terms of economic performance per capita 2 Iceland is only 11th, while Japan is only 37th.
As can be seen from the data, Hungary has done a lot of catching up work in terms of economic development in recent years. Based on the GDP indicator, our country is now more developed than Portugal, Croatia, Slovakia or Greece. And if we manage to maintain the strength and agility of our economy in the upcoming, expected challenging period, we will be able to move forward in the rankings according to relative economic strength in the future.