På trods af en COVID-forårsaget økonomisk krise er tilliden til erhvervslivet fortsat god i 2021.
Introduction
Most businesses in Hungary believe the domestic and global economies will improve next year and that the greatest challenge to profitability will come from collecting outstanding invoices. 57% of respondents to the 2020 Payment Practices Barometer survey in Hungary reported a negative impact on revenue and 50% on cash flow. This compares favourably to Eastern Europe as a whole where 59% of businesses reported a negative impact on revenue and 51% on cash flow.
When asked what kind of measures they needed to take to protect their business from the negative impact of the pandemic-led economic crisis, the most frequent response was that they needed to delay invoice payments to their own suppliers (35%). Businesses in Hungary also reporting workforce lay-offs and hire freezes, suggesting the pandemic may have had a high impact on the local labour market.
Key takeaways from the report
- Trade credit withdrawn from higher-risk businesses
- More than half of businesses in Hungary lengthen payment terms
- Overdue invoices increase, but stay in line with regional averages
- Majority of Hungary businesses demand payment guarantees
Interested in getting to know more?
For a complete overview of the corporate payment behaviour in Hungary during the COVID-19 pandemic and global recession, please download the complete report. The report gives also insight into the impact of the pandemic-induced economic crisis on the following industries in the country:
- Agri-food
- Chemicals
- Electronics
- Steel-metals
- Construction materials
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