Hungary’s gross domestic product expanded by 8.2% from a year earlier in the first quarter of 2022, in line with a preliminary estimate, faster than a 7.1% growth rate in the previous period. It marks the fourth consecutive quarter of economic expansion and at a solid pace. Strong performance was seen in accommodation & food services (80.8% vs 68.7% in Q4); transportation & storage (20.4% vs 20.3%); construction (18.3% vs 21.3%) and professional, scientific, technical and administrative activities (13.8% vs 9.4%). At the same time, output rose much faster in manufacturing (4.6% vs 1.9%), mainly driven by increases in the manufacture of fabricated metal products, except machinery and equipment, and food products. The agricultural sector, however, shrank (-3.9% vs -7.3%). On a seasonally adjusted quarterly basis, the economy grew 2.1%, matching an earlier estimate, following an upwardly revised 2.2% rise in the previous quarter. source: Hungarian Central Statistical Office

GDP Annual Growth Rate in Hungary averaged 2.56 percent from 1996 until 2022, reaching an all time high of 17.80 percent in the second quarter of 2021 and a record low of -13 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 June of 2022.

GDP Annual Growth Rate in Hungary is expected to be 4.00 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 3.50 percent in 2023 and 3.00 percent in 2024, according to our econometric models.

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Hungary GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-17 07:00 AM YoY Prel Q1 8.2% 7.1% 6.9% 6.4%
2022-06-01 07:00 AM YoY Final Q1 8.2% 7.1% 8.2%
2022-08-17 07:00 AM YoY Prel Q2 8.2% 4%


Related Last Previous Unit Reference
GDP Growth Rate 2.10 2.20 percent Mar 2022
GDP Annual Growth Rate 8.20 7.10 percent Mar 2022
GDP Constant Prices 10027680.00 11483773.00 HUF Million Mar 2022
Gross Fixed Capital Formation 2867295.00 2745973.00 HUF Million Mar 2022
Full Year GDP Growth 7.10 -4.90 percent Dec 2021
GDP From Transport 631650.00 613541.00 HUF Million Mar 2022
GDP From Services 6184749.00 6032825.00 HUF Million Mar 2022
GDP From Public Administration 1291177.00 1283376.00 HUF Million Mar 2022
GDP From Manufacturing 2016417.00 1964849.00 HUF Million Mar 2022
GDP From Construction 481230.00 479912.00 HUF Million Mar 2022
GDP From Agriculture 313986.00 307735.00 HUF Million Mar 2022

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
8.20 7.10 17.80 -13.00 1996 - 2022 percent Quarterly
NSA

News Stream
Hungary GDP Growth Confirmed at 8.2% in Q1
Hungary’s gross domestic product expanded by 8.2% from a year earlier in the first quarter of 2022, in line with a preliminary estimate, faster than a 7.1% growth rate in the previous period. It marks the fourth consecutive quarter of economic expansion and at a solid pace. Strong performance was seen in accommodation & food services (80.8% vs 68.7% in Q4); transportation & storage (20.4% vs 20.3%); construction (18.3% vs 21.3%) and professional, scientific, technical and administrative activities (13.8% vs 9.4%). At the same time, output rose much faster in manufacturing (4.6% vs 1.9%), mainly driven by increases in the manufacture of fabricated metal products, except machinery and equipment, and food products. The agricultural sector, however, shrank (-3.9% vs -7.3%). On a seasonally adjusted quarterly basis, the economy grew 2.1%, matching an earlier estimate, following an upwardly revised 2.2% rise in the previous quarter.
2022-06-01
Hungary GDP Grows More than Expected in Q1
Hungary’s gross domestic product expanded 8.2 percent from a year earlier in the first quarter of 2022, above market expectations of a 6.9 percent expansion, preliminary data showed. On a seasonally adjusted quarterly basis, the economy grew 2.1 percent, easing from an upwardly revised 2.2 percent increase in the fourth quarter of 2021. Significant contributions were seen from industry and market services, while expansion was also noted for the manufacturing of food and beverages, refined petroleum products, and electrical equipment.
2022-05-17
Hungarian Q4 GDP Expands Less than Expected
Hungary’s gross domestic product expanded 7.1 percent from a year earlier in the fourth quarter of 2021, slightly below the preliminary estimates of 7.2 percent but advancing from an upwardly revised 6.2 percent growth rate from the previous period. Output rose considerably in the accommodation and food services (68.8 percent vs 22.7 percent in Q3); and arts and entertainment (13.7 percent vs 9.4 percent) as the economy continued to lower pandemic related restrictions during the fourth quarter. Expansion also took place for construction (21.4 percent vs 20.3 percent) and transportation and storage (20.5 percent vs 12.7 percent).On a quarterly basis, the economy grew 2 percent, accelerating from a 0.9 percent expansion in the third quarter. Considering the full 2021, the volume of GDP grew by 7.1 percent on year compared to a 4.7 contraction in 2020.
2022-03-02