Hungary Q4 GDP Growth Confirmed at 0.4%

2025-03-04 08:00 By Joshua Ferrer 1 min. read

Hungary’s gross domestic product advanced by 0.4% year-on-year in the fourth quarter of 2024, confirming preliminary estimates and recovering from a 0.8% contraction in the previous three-month period.

The improvement in the economic performance was mainly driven by the services sector (2.1% vs 1.7% in Q3), particularly in accommodation and food service activities (6.4% vs 2.4%) and wholesale and retail trade; repair of motor vehicles and motorcycles (2.8% vs 0.7%).

Meanwhile, the downturn was partly offset by declines seen from agriculture (-13.5% vs -15.1%) and industry (-1.6% vs -4.1%), especially in manufacturing (-3.5% vs -5.9%) and construction (-3.1% vs -3.5%).

On a seasonally adjusted quarterly basis, the GDP rose by 0.5%, following a 0.6% contraction in the previous quarter.

Considering the full year of 2024, the economy expanded by 0.5%, rebounding from a 0.9% drop in the last year.



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