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.

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Hungary GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.60 -4.60 5.90 -13.40 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-11-13 08:00 AM YoY Prel Q3 -4.6% -13.6% -5.6% -5.8%
2020-12-01 08:00 AM YoY Final Q3 -4.6% -13.6% -4.6%
2021-02-16 08:00 AM YoY Prel Q4 -3.7% -4.6% -6% -5%
2021-03-02 08:00 AM YoY Final Q4 -3.6% -4.6% -3.7%
2021-05-18 07:00 AM YoY Prel Q1 -3.6% -4%
2021-06-01 07:00 AM YoY Final Q1 -3.6%
2021-08-17 07:00 AM YoY Prel Q2
2021-09-01 07:00 AM YoY Final Q2


News Stream
Hungary GDP Shrinks Slightly Less than Initially Estimated
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%.
2021-03-02
Hungarian Q4 GDP Shrinks Less than Expected
The Hungarian economy shrank 3.7 percent year-on-year in the fourth quarter of 2020, following a 4.6 percent contraction in the previous period and less than market expectations of a 6 percent slump, a preliminary estimate showed. On a seasonally adjusted quarterly basis, the economy advanced 1.1 percent, slowing from a record 11.4 percent growth in the previous period, supported by industry as well as information and communication. Considering the full year of 2020, the GDP contracted 5.1 percent over a year earlier.
2021-02-16
Hungary GDP Contracts 4.6% YoY in Q3
The Hungarian economy shrank 4.6% year-on-year in the third quarter of 2020, in line with the preliminary estimate and following a 13.6% contraction in the previous three-month period. Activity fell less in hotels & restaurants (-20.9% vs -59.5% in Q2); real estate activities (-2.6% vs -6.2%); professional, scientific, technical and administrative activities (-9.6% vs -14.8%); education, health, social work & public administration (-1.7% vs -7.1%); arts and entertainment (-7.9% vs -26.9%) and manufacturing (-1.9% vs -21.7%). Meantime, growth was recorded in information & communication (5.3% vs -0.9%); finance & insurance (2.9% vs 3.5%) and internal trade (1.8% vs -4.2%).On a seasonally adjusted quarterly basis, the GDP advanced at a record 11.4%, slightly above a preliminary estimate of a 11.3% rise and recovering from an upwadly revised 14.6% plunge in the previous quarter.
2020-12-01
Hungarian Q3 GDP Shrinks Less than Estimated
The Hungarian economy fell 4.6 percent year-on-year in the third quarter of 2020, following a record 13.6 percent contraction in the previous period and compared with market expectations of a 5.6 percent decline, a preliminary estimate showed. The decrease in the economic performance was moderated mainly by growth in information and communication as well as financial services. On a seasonally adjusted quarterly basis, the economy grew at a record 11.3 percent, recovering sharply from an upwardly revised 14.6 percent contraction in the prior period, as most sectors expanded.
2020-11-13

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.