Hungary's gross domestic product advanced 17.9 percent from a year earlier in the second quarter of 2021, in line with preliminary estimates, and rebounding from four straight quarters of recession amid the pandemic crisis. It was the highest growth rate of the Hungarian economy on record, given the low base year effects. Output rose sharply in most sectors, notably in accommodation services & hospitality (71.5 percent vs -47.7 percent in Q1); manufacturing activities (39.9 percent vs 4.1 percent); education (23.2 percent vs -2.3 percent); the building industry (18.4 percent vs -2.4 percent); and arts, entertainment & other services (17.1 percent vs -9.4 percent). On a quarterly basis, economic growth was confirmed at 2.7 percent, picking up momentum from a 2.0 percent expansion in the first quarter. source: Hungarian Central Statistical Office

GDP Annual Growth Rate in Hungary averaged 2.42 percent from 1996 until 2021, reaching an all time high of 17.90 percent in the second quarter of 2021 and a record low of -13.30 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 September of 2021.

GDP Annual Growth Rate in Hungary is expected to be 5.70 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 4.10 percent in 2022 and 3.20 percent in 2023, according to our econometric models.

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Hungary GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
17.90 -2.10 17.90 -13.30 1996 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-05-18 07:00 AM YoY Prel Q1 -2.3% -3.5% -3.7% -3.9%
2021-06-01 07:00 AM YoY Final Q1 -2.1% -3.5% -2.3%
2021-08-17 07:00 AM YoY Prel Q2 17.9% -2.1% 17.1% 15.5%
2021-09-01 07:00 AM YoY Final Q2 17.9% -2.1% 17.9%
2021-11-16 08:00 AM YoY Prel Q3 17.9% 5.7%
2021-12-01 08:00 AM YoY Final Q3 17.9%


News Stream
Hungary GDP Growth Confirmed at 17.9% in Q2
Hungary's gross domestic product advanced 17.9 percent from a year earlier in the second quarter of 2021, in line with preliminary estimates, and rebounding from four straight quarters of recession amid the pandemic crisis. It was the highest growth rate of the Hungarian economy on record, given the low base year effects. Output rose sharply in most sectors, notably in accommodation services & hospitality (71.5 percent vs -47.7 percent in Q1); manufacturing activities (39.9 percent vs 4.1 percent); education (23.2 percent vs -2.3 percent); the building industry (18.4 percent vs -2.4 percent); and arts, entertainment & other services (17.1 percent vs -9.4 percent). On a quarterly basis, economic growth was confirmed at 2.7 percent, picking up momentum from a 2.0 percent expansion in the first quarter.
2021-09-01
Hungary Q2 GDP Rebounds More than Expected
Hungary's gross domestic product advanced 17.9 percent from a year earlier in the second quarter of 2021, after four consecutive quarters of contraction and beating market consensus of a 17.1 percent jump, a preliminary estimate showed. It was the fastest expansion on record, due to baseline effects and amid the relaxation of Covid-19 restrictions. On a seasonally adjusted quarterly basis, the economy expanded by 2.7 percent, following a 2 percent growth in the previous quarter, mainly boosted by industry.
2021-08-17
Hungary GDP Shrinks Slightly Less than Initially Estimated
The Hungarian economy contracted 2.1% year-on-year in the first quarter of 2021, slightly less than initial estimates of a 2.3% decrease, and extending the recession for four consecutive quarters amid the pandemic crisis. On the production side, services fell by 3.5% and construction by 2.4% while manufacturing grew by 4.1% and agriculture by 2.5%. On the expenditure side, household spending went down 3.7% while gross fixed capital formation dropped 0.1%. On a quarterly basis, the GDP expanded 2%, slightly above preliminary estimates of a 1.9% growth and following a 2.8% rise in the previous quarter.
2021-06-01
Hungary Economy Contracts Less than Forecast
Hungary's gross domestic product shrank 2.3 percent from a year earlier in the first quarter of 2021, easing from a revised 3.5 percent contraction in the previous three-month period and compared with market consensus of a 3.7 percent slump, a preliminary estimate showed. It was the fourth consecutive period of GDP decline, as the was put under lockdown to curb the spread of the coronavirus. On a quarterly basis, the economy expanded by 1.9 percent, boosted by industry, financial and insurance activity as well as the information and communication sectors.
2021-05-18

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.