Boost in Tourism Industry Drives Economic Revival
The tourism accommodation sector in Hungary experienced significant growth in January 2024, with a notable 11% increase in turnover compared to the previous year. This growth surpassed the pre-war and pre-COVID record set in 2019, indicating a strong recovery in economic growth, as reported by the Ministry of National Economy (NGM).
According to data from the Hungarian Central Statistical Office (KSH) and the National Tourism Data Service Centre (NTAK), January 2024 saw a rise in overnight stays, with 836,000 guests arriving at Hungarian accommodation establishments. This figure represents a 10% increase compared to the previous year and a 4% increase compared to January 2019.
Accommodation establishments in Hungary recorded a total of 2.1 million guest nights in January 2024, marking an 11% increase year-on-year and an 8% increase compared to 2019. The capital city accounted for the highest number of guest nights, with 915,000 recorded, reflecting a 13% increase year-on-year. Additionally, the tourist region of Lake Balaton saw a surge in popularity, generating 250,000 overnight stays, a 15% increase from the previous year.
The composition of guest traffic in January was balanced, with 52% of guest nights attributed to foreign visitors. Domestic guests accounted for the remaining 48%, with 1 million overnight stays recorded, showing a 9% increase compared to both the previous year and January 2019.
In terms of revenue, accommodation revenues rose by 10% year-on-year, totaling over HUF 47 billion (EUR 119.6 million). Rural accommodation contributed nearly 60% of the revenue, while the remaining 40% was generated in the capital. Commercial accommodation revenue reached HUF 35 billion (EUR 89.1 million), representing an 8.4% increase.
Looking ahead, the Ministry of National Economy emphasized the government’s focus on restoring economic growth, aiming for a dynamic GDP growth of around 4% in 2024. The strong performance of the tourism sector is seen as a positive indicator of consumption recovery, contributing to overall economic growth.
