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Nov 15, 2018

Digitalization could add up to 9 billion euros to the output of the Hungarian economy by 2025

If Hungary were able to exploit the potential in digitalization, the share of the digital economy would grow to 11.2 percent as part of GDP by 2025

A survey conducted by McKinsey & Company has found that digitalisation could add up to 9 billion euros to the output of the Hungarian economy by 2025.

In euro terms Hungary’s GDP came to 124 billion euros in 2017 which is expected to grow annually over the coming years.

According to MTI, the analysis states that speeding up the digitalization of the economy should be a priority for Hungary if the country is to boost productivity and achieve sustainable economic growth.

The report adds that if Hungary were able to exploit the potential in digitalization, the share of the digital economy would grow to 11.2 percent as part of GDP by 2025 from 6.9 percent in 2018.

McKinsey said it is a key challenge that Hungarian companies, and small and medium-sized businesses in particular, are lagging behind their counterparts in developed economies in terms of the use of digital solutions.