Hungary Q1 GDP Growth Strongest Since 2022

Hungary’s gross domestic product expanded by 1.7% year-on-year in the second quarter of 2026, the same pace as in the previous three-month period, according to preliminary estimates. The latest reading fell short of market expectations for a 1.9% expansion but remained the strongest growth since the second quarter of 2024, driven largely by robust performance in the services sector, particularly in professional, scientific, technical, and administrative activities. The industrial sector also continued to contribute positively to the overall economic growth. On a seasonally adjusted quarterly basis, the economy grew by just 0.4% in Q2 2026, slowing from a 0.8% expansion in the preceding period.

Hungary’s economy expanded 1.7% year-on-year in the first quarter of 2026, following a 0.8% growth in the previous two quarters and matching preliminary estimates. This marked the strongest economic expansion since the second quarter of 2024, mainly driven by a rebound in performances in agriculture (1.9% vs -1.7%), industry (0.8% vs -2.1%), and manufacturing sector (1.3% vs -1.1%). Additionally, output increased in commerce (2.3% vs 2.1%), accommodation and catering services (2.3% vs 2%), information and communication (2.4% vs 0.4%), and education (3% vs 2.4%). On the expenditure approach, household consumption, the largest component of actual consumption, further recorded gains (5.5% vs 2.9%), while gross fixed capital formation (-0.1% vs -0.2%) declined less. On a seasonally adjusted quarterly basis, the economy advanced 0.8% in Q1, following a 0.2% increase in the preceding period.

Hungary’s gross domestic product expanded by 1.7% year-on-year in the first quarter of 2026, following a 0.8% growth in the previous three-month period, according to preliminary estimates. This marked the fastest growth since the third quarter of 2022, driven largely by strong performance in the services sector, particularly in professional, scientific, technical, and administrative activities. In addition, the industrial sector contributed positively to overall economic growth. On a seasonally adjusted quarterly basis, GDP grew by 0.8% in Q1 2026, up from a 0.2% increase in the preceding quarter.