Kopint-Tarki – Kopint Tárki Konjunktúrakutató Intézet

Season’s Greetings!

2026.01.15

We hope to see you in 2026!

The KOPINT-TÁRKI Staff

The barometer in the 2025 October survey points to stagnation in the third quarter. The confidence index has decreased since the last report, though within the margin of error, hinting at the danger of another downturn. Sentiment is improving among larger companies, but not enough to fuel strong recruitment intentions. Among the factors hampering production, the most serious is still a lack of demand, as has been the case for the past three years.

Read the summary in English here.

Economic Trends 2025/2 out now

2025.09.18

KOPINT-TÁRKI is revising downwards its growth forecasts for the member states in the Central- and Eastern European region, for reasons explained in the forecast publication which is out now.

Read the full report here.

Hope4AI project ends with study

2025.08.08

KOPINT-TÁRKI’s participation in the Hope4AI project, has come to an end with a published study on the role of AI in commerce and the machine industry in Hungary and Romania. The study was a result of a collaboration with project partner MGYOSZ. More information on the project where you can download the study can be found here.

AIECE report by KOPINT-TÁRKI experts

2025.05.22

The Spring 2025 General Report of the Association of European Economic Research Institutes was authored by Katalin Nagy and Péter Vakhal of the Kopint-Tárki Institute, offering a comprehensive macroeconomic outlook for the European economy. The report – presented at AIECE’s conference in Oslo on 15-17 May 2025 – includes detailed assessments from member institutes on key cyclical, policy, and structural issues. A summary of the event reports that on average, AIECE member institutes forecast EU GDP to grow by 1.2% in 2025 and 1.5% in 2026 which is seen as a bit more optimistic than those presented in the OECD’s March 2025 Interim Report and the IMF’s Spring 2025 World Economic Outlook.

Eurofound NEC Meeting in Dublin

2025.04.17

From 9 to 11 April 2025, two colleagues from KOPINT-TÁRKI visited Dublin for the biannual meeting of the Eurofound Partner Network (NEC), where 27 countries were represented. Presentations were about this year’s forthcoming programme, the role of artificial intelligence in research and a panel discussion on the impact of the automotive industry on employment.

New Eurofound publications with KOPINT-TÁRKI contribution

2025.03.26

Eurofound published three studies with contributions from KOPINT-TÁRKI researchers recently: on the labour-market situation of older workers, on European Semester and RRF-related policies, and on the complex problems of home carers. KOPINT-TÁRKI has been a member of the Eurofound correspondents’ network NEC since 2018; you can read more about this work and all publications here.

All posts

	2024 Fact	2025 Forecast	2026 Forecast
GDP	0.6%	0.3%	2.0%
Gross Fixed Capital Formation	-9.9%	-4.4%	2.5%
Industrial Production	-4.1%	-3.0%	2.3%
Gross Salaries	13.2%	9.1%	9.3%
Unemployment Rate*	4.5%	4.4%	4.5%
Current+Capital Account**	1.8%	2.0%	1.0%
General Government**	-5.0%	-4.9%	-5.2%
Consumer Price Index*	3.7%	4.4%	3.7%
MNB Base Rate***	6.5%	6.5%	6.0%
10-Year Yield***	6.55%	6.79%	6.8%

*annual average **in % of GDP ***at year-end

02.12.2025. GDP: weakening consumption growth, deteriorating external position, change in inventories turns the tables

The second estimate confirms that both unadjusted and seasonally and calendar-adjusted GDP was up 0.6% in Q3 2025. Compared to the previous quarter, however, the GDP remained flat. The overall growth rate in the first three quarters was 0.3%.
On the expenditure side, most components actually deteriorated, including private and public consumption growth rates. The net external trade position also worsened spectacularly. A dramatic turn in the change in inventories was the only reason the year-on-year rate of GDP – and final domestic use – growth accelerated in the third quarter.
On the production side, the contraction in agriculture and industry moderated in the third quarter, while services growth accelerated minimally – due to government services.
We currently expect the GDP to grow at a rate below 0.5% this year.

30.10.2025. GDP growth slightly accelerated in Q3

According to the first estimate, both the unadjusted and the seasonally and calendar-adjusted GDP was up 0.6% year-on-year. Compared with the previous quarter, GDP slipped back into stagnation after modest growth in Q2. On average, the unadjusted GDP climbed 0.3% in the first three quarters of 2025.
On the production side, services remained the main drivers of economic expansion, according to the CSO, while industrial and agricultural production continued to weigh on GDP growth. On the expenditure side, private consumption may have strengthened, amid the continuing negative growth contribution of investments and net export.
For 2025 as a whole, Kopint-Tárki expects the GDP to expand at a very modest rate of – or slightly below – 0.5%, since a significant upturn in either industry or exports remains unlikely even in the last quarter of 2025.

02.09.2025. GDP: strong consumption growth, external position deteriorates

The second estimate confirms that the unadjusted GDP was up 0.1% in the second quarter of 2025, while the seasonally and calendar-adjusted GDP climbed 0.4%. On the expenditure side, final domestic use shifted into higher gear, supported by household consumption expenditures, but also the upturn in inventories and expanding transfers in kind.
However, the growth impact of domestic demand was virtually offset by the downward effect of net export, mostly due to the surge in the import of goods.
On the production side, the accelerating contraction in drought-stricken agriculture was offset by the upturn in construction. While industry keeps suffering, market services growth gathered some speed.
We currently expect the GDP to grow by approximately 0.5% this year.

More than five decades in economic research. Balanced, independent and objective analysis and forecasts

Season’s Greetings!

Manufacturing index in Q3

Economic Trends 2025/2 out now

Hope4AI project ends with study

AIECE report by KOPINT-TÁRKI experts

Eurofound NEC Meeting in Dublin

New Eurofound publications with KOPINT-TÁRKI contribution

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