Hungary’s GDP expanded 5.0 percent year-on-year in the third quarter of 2019, accelerating from a 4.9 percent advance in the previous period and in line with market expectations. On the production side, GDP growth was mainly driven by industry (7.6 percent vs 4.0 percent in Q2), namely manufacturing (8.1 percent vs 3.2 percent); construction (18.1 percent vs 27.4 percent) and services (3.9 percent vs 4.4 percent). On the expenditure side, government expenditure rebounded (2.2 percent vs -3.7 percent); while both household consumption (4.2 percent vs 4.7 percent) and gross fixed capital formation (16.1 percent vs 17.8 percent) slowed. Net trade contributed positively to growth, as exports climbed 8.3 percent (vs 2.8 percent) while imports rose at a softer 7.4 percent (vs 4.3 percent). On a seasonally adjusted quarterly basis, the GDP grew 1.1 percent, the same as in Q2 and above earlier estimates of 0.9 percent. GDP Annual Growth Rate in Hungary averaged 2.59 percent from 1996 until 2019, reaching an all time high of 5.90 percent in the first quarter of 2000 and a record low of -7.90 percent in the second quarter of 2009. source: Hungarian Central Statistical Office
GDP Annual Growth Rate in Hungary is expected to be 3.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Hungary to stand at 3.60 in 12 months time. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 3.50 percent in 2020, according to our econometric models.