Hungary’s gross domestic product expanded 1.1% year-on-year in the first quarter of 2024, after showing no growth in the previous quarter and slightly above market forecasts of 1% expansion, preliminary estimates showed. The increase in the economic performance was boosted by market services, mainly real estate transactions and the information & communication branch. However, the economic growth was hampered by the decline in the added value of industry, which holds a substantial weight in the overall economy. On a seasonally adjusted quarterly basis, GDP increased by 0.8%, after showing no growth in the prior period. source: Hungarian Central Statistical Office

The Gross Domestic Product (GDP) in Hungary expanded 1.10 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in Hungary averaged 2.49 percent from 1996 until 2024, reaching an all time high of 17.70 percent in the second quarter of 2021 and a record low of -12.80 percent in the second quarter of 2020. This page provides - Hungary GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hungary GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2024.

The Gross Domestic Product (GDP) in Hungary expanded 1.10 percent in the first quarter of 2024 over the same quarter of the previous year. GDP Annual Growth Rate in Hungary is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 3.70 percent in 2025 and 4.00 percent in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-03-05 07:30 AM YoY Final Q4 0% -0.4% 0.0% 0.0%
2024-04-30 06:30 AM YoY Prel Q1 1.1% 0% 1% 1.5%
2024-06-04 06:30 AM YoY Final Q1 0% 1.1% 1.1%


Related Last Previous Unit Reference
Full Year GDP Growth -0.90 4.60 percent Dec 2023
GDP Growth Rate YoY 1.10 0.00 percent Mar 2024
GDP Constant Prices 11563983.00 11249229.00 HUF Million Dec 2023
GDP from Agriculture 428980.00 435602.00 HUF Million Dec 2023
GDP from Construction 415842.00 411773.00 HUF Million Dec 2023
GDP from Manufacturing 1899728.00 1946793.00 HUF Million Dec 2023
GDP from Public Administration 1330750.00 1328832.00 HUF Million Dec 2023
GDP from Services 6359223.00 6252469.00 HUF Million Dec 2023
GDP from Transport 622448.00 588276.00 HUF Million Dec 2023
GDP Growth Rate 0.80 0.00 percent Mar 2024
Gross Fixed Capital Formation 2471204.00 2383112.00 HUF Million Dec 2023

Hungary GDP Annual Growth Rate
Electronics manufacturing and research are among the main drivers of innovation and economic growth in Hungary. The country has also grown into a major center for mobile technology, information security, and related hardware research. On the expenditure side, 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.
Actual Previous Highest Lowest Dates Unit Frequency
1.10 0.00 17.70 -12.80 1996 - 2024 percent Quarterly
NSA


News Stream
Hungary Q1 GDP Beats Forecasts
Hungary’s gross domestic product expanded 1.1% year-on-year in the first quarter of 2024, after showing no growth in the previous quarter and slightly above market forecasts of 1% expansion, preliminary estimates showed. The increase in the economic performance was boosted by market services, mainly real estate transactions and the information & communication branch. However, the economic growth was hampered by the decline in the added value of industry, which holds a substantial weight in the overall economy. On a seasonally adjusted quarterly basis, GDP increased by 0.8%, after showing no growth in the prior period.
2024-04-30
Hungary GDP Stalls in Q4
Hungary’s gross domestic product stalled from a year earlier in the fourth quarter of 2023, confirming preliminary estimates and following a 0.4% contraction in the previous three-month period. Increases in economic performance were seen from accommodation service & hospitality (3.6% vs 0.8% in Q3), information & communication (5% vs 2.7%), and agriculture (unchanged at 2.5%). This was offset by the declines from industry (-6.4% vs -5.3%), manufacturing (-6.4% vs -4%), construction (-7.4% vs -1.6%), and services sector (-1% vs -3.1%). On a seasonally adjusted quarterly basis, the GDP also showed no growth, after a 0.8% rise in the prior period. Considering the full year of 2023, the economy contracted 0.9%, compared to a robust 4.6% expansion last year
2024-03-05
Hungary Q4 GDP Misses Forecasts
Hungary's gross domestic product stalled from a year earlier in the fourth quarter of 2023, following a 0.4% contraction in the previous three-month period and missing market forecasts of a 0.9% expansion, preliminary estimates showed. Economic performance increased mainly in the national economic branches of agriculture, human health, social care and information and communication. However, this upturn was offset by the declines from industry, construction and some market services, mainly trade. On a seasonally adjusted quarterly basis, the GDP also showed no growth, after a downwardly revised 0.8% increase in the prior quarter. Considering the full year of 2023, the economy contracted 0.9%, compared to a robust 4.6% expansion last year.
2024-02-14