Hungary market perspective, 2026
Where the euro-cost gap comes from
Internationally exposed service businesses, 2026 vs 2023–24
Wage growth includes the 2026 statutory minimum wage increase and other cost inflation, layered on top of the currency effect.
Currency appreciation alone adds 5–6% to euro-denominated costs. Once wage growth and other cost inflation are layered on, the total euro-denominated cost increase for internationally exposed service businesses reaches 10–11% for 2026.
ComponentContribution
Currency appreciation5.5%
Wage growth & other cost inflation+5.0%
Total euro-cost increase10.5%
Horwath HTL — Living with a Strong Forint, 2026