The Hungarian economy shrank 13.6 percent year-on-year in the second quarter of 2020, in line with the preliminary estimate. It is the biggest contraction ever as the coronavirus pandemic hurt most sectors of the economy. Household spending went down 8.4 percent, with social transfers in kind from the government falling 11.1 percent; investment decreased 13.5 percent, mainly due to construction and machinery and equipment; exports plunged 24 percent and imports dropped 15.8 percent. The last time the country posted a trade deficit was in the last quarter of 2008. In contrast, government spending increased 5.8 percent. Compared to the previous quarter, the economy shrank 14.5 percent.
GDP Annual Growth Rate in Hungary averaged 2.44 percent from 1996 until 2020, reaching an all time high of 5.90 percent in the first quarter of 2000 and a record low of -13.60 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 2020. source: Hungarian Central Statistical Office
GDP Annual Growth Rate in Hungary is expected to be -10.80 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 12.10 in 12 months time. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 7.80 percent in 2021 and 2.60 percent in 2022, according to our econometric models.