Romania outran Hungary in terms of productivity in several economic sectors

If we look at the four countries forming their own union, Hungary is lagging behind significantly.

Romania’s low numbers in 2019 were also because in agriculture, for instance, GVA was only 5 thousand euros/worker, while this same value was much higher in Hungary, reaching 26 thousand euros, which is above the EU average.

When it comes to industry, the same goes for all V4 countries, namely that their productivity in the sector does not even reach half of the EU’s average industrial productivity. In Hungary, we are talking about 29 thousand euros/worker while Romania’s 26 thousand euros are not much behind but certainly further from the EU’s average.

However, in crucial sectors such as commerce, logistics, hospitality and the construction sector, Romania has essentially reached the productivity rates of Hungary (19 thousand euros).

Still, both countries are very far away from the EU, that produces a high number of 46 thousand euros/person. If we only consider the construction sector, both countries need to speed up as their added value of 17 thousand euros is the third lowest number among all 27 member states.

In the banking and assurance sector, both countries have a lot of catching up to do to one day reach the EU average of 118 thousand euros/person. In this respect, Romania has already surpassed Hungary and created a minuscule difference of one thousand euros/person. (Romania: 48 thousand euros, Hungary: 47 thousand euros).

When it comes to real estate; professional, scientific, technological and administrative services, Romania is already ahead of Hungary.

Overall, Romania is performing poorly in agriculture, that creates a particular pull-back effect, however, if we do not include this sector, the country is already competing successfully with the V4 countries, including Hungary.

Source: G7.hu