The Hungarian economy shrank 14.5 percent quarter-on-quarter in the second quarter of 2020, in line with the preliminary estimate. It is the biggest contraction ever as the coronavirus pandemic hurt most sectors of the economy.

GDP Growth Rate in Hungary averaged 0.48 percent from 1995 until 2020, reaching an all time high of 2.30 percent in the first quarter of 2002 and a record low of -14.50 percent in the second quarter of 2020. This page provides - Hungary GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hungary GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2020. source: Hungarian Central Statistical Office

GDP Growth Rate in Hungary is expected to be 4.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Hungary to stand at 2.00 in 12 months time. In the long-term, the Hungary GDP Growth Rate is projected to trend around 1.30 percent in 2021 and 1.10 percent in 2022, according to our econometric models.

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Hungary GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-14.50 -0.40 2.30 -14.50 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2020-05-15 07:00 AM QoQ Prel Q1 -0.4% 0.7% -0.7%
2020-05-29 07:00 AM QoQ Final Q1 -0.4% 0.7% -0.4% -0.4%
2020-08-14 07:00 AM QoQ Prel Q2 -14.5% -0.4% -14.5%
2020-09-01 07:00 AM QoQ Final Q2 -14.5% -0.4% -14.5%
2020-11-13 08:00 AM QoQ Prel Q3 -14.5% 4.2%
2020-12-01 08:00 AM QoQ Final Q3 -14.5% 4.2%


Hungary GDP Growth Rate
In Hungary, household consumption is the main component of GDP and accounts for 50 percent of its total use, followed by gross fixed capital formation (22 percent) and government expenditure (20 percent). Exports of goods and services account for 89 percent of GDP while imports account for 82 percent, adding 7 percent of total GDP.