THE HUNGARIAN TOURISM AND HOSPITALITY SECTOR IN THE MIRROR OF THE CRISES

Abstract

The economic impact of the tourism and hospitality sector as an economic system is partly general, similar to other sectors of the economy, and partly specific. At the same time, the sector is a major driving force for macro-economies, with positive effects on various sectors of the economy. Based on an analysis of current statistical data, the study formulates the characteristics of the sector: the share of hotels and restaurants in GDP, the revenue from accommodation fees of commercial accommodation establishments, the evolution of the turnover of guests in commercial accommodation establishments, the average gross monthly earnings of employed persons, etc. Analysing the data for the period under review, 2008-2021, we can see that Hungary started to see some growth in employment and average gross earnings after 2010, but still lagging behind the targets set in 2005. In line with international trends, tourism in Hungary has developed positively in several areas by 2019, reaching or exceeding pre-2008 crisis levels, with overall growth in the sector exceeding the national economy average. However, the sector’s performance was also significantly affected by the sharp decline caused by Covid-19 and the war situation in 2022. The aim of the analysis is to present the impact of the international financial crisis starting in 2008 and the Covid-19 epidemic in March 2020, to compare the effects of the two crises on GDP, labour market factors, with a special focus on the accommodation and food services sector.

Keywords

• crisis
• tourism and hospitality
• gdp
• employment
• covid-19