The Hungarian economy contracted 3.6% year-on-year in the last quarter of 2020, slightly less than initial estimates of a 3.7% drop, and extending the recession for 3 consecutive quarters amid a coronavirus lockdown from early November. On the production side, services went down 5.7%, construction 3.9% and agriculture 5.6% while manufacturing increased 2.4%. On the expenditure side, household spending went down 4.2% while gross fixed capital formation grew 1.2%. Considering full 2020, the economy contracted 5%. source: Hungarian Central Statistical Office
GDP Annual Growth Rate in Hungary averaged 2.31 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 -13.40 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 May of 2021.
GDP Annual Growth Rate in Hungary is expected to be -3.20 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 5.90 in 12 months time. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 3.80 percent in 2022 and 3.20 percent in 2023, according to our econometric models.