In 2019, the performance of Hungary s construction sector has increased the country s GDP growth by about 1 per cent, and construction investments accounted for 58% of investments in the national economy, the State Secretary of the Hungarian Ministry for Innovation and Technology (ITM) has said.

Evaluating last year s performance of Hungary s construction industry based on the Central Statistical Office s (KSH) latest batch of data, Anita Boros stressed that the gross value added of the construction industry rose by an additional 21 per cent in 2019, following a significant increase in 2018. Output in the „construction of buildings” sector rose by 19 per cent, while construction output prices rose by an average of 9.7 per cent. The value of new contracts concluded last year rose by 11 per cent – with a comparative price-adjustment – and amounted to 22 per cent in case of buildings.

The number of employees in the construction industry has been growing steadily since 2014, and since 2017 more and more registered construction companies are emerging. At the end of last year, the construction industry boasted 114,500 registered businesses, up 12 per cent from 2018. In construction enterprises with a minimum of 5 employees, growth in 2019 reached 8.1 per cent, which translates into 156,700 employees. The average salary of full-time employees increased to HUF 287,900 (approximately EUR 820). 7.6 percent of those employed in the national economy worked in construction, including enterprises with less than 5 employees.

Anita Boros said: in 2019, Hungary s gross domestic product (GDP) increased by 4.9 per cent compared to a year earlier, far above the EU average. The country s economic performance within the EU was also well above the member states average of 1.5% as Hungary became the second best performing state.