Hungary’s GDP expanded 0.4 percent year-on-year in the fourth quarter of 2022, easing from a 4.0 percent advance in the previous period. This marks the seventh consecutive quarter of expansion but the lowest growth rate in the sequence, as growth slowed in industry (2.7 percent vs 10.1 percent in Q3), namely manufacturing (3.3 percent vs 10.8 percent); services (2.8% vs 5.6%), notably accommodation services & hospitality (2.4% vs 6.4%) and information & communication (1.4% vs 5.3%); professional, scientific, technical & administrative activities (3.6% vs 10.3%); arts & entertainment (2.9% vs 4.6%). Meanwhile, agriculture sector posted a notable downturn (-32.3% vs -39.3%). On the other hand, output rose for health & social work (8% vs 6%). On a seasonally adjusted quarterly basis, the economy fell by 0.4 percent, in line with market expectations and following a 0.7 percent decline in the third quarter. Considering full 2022, the economy grew 4.6 percent compared to a year earlier. source: Hungarian Central Statistical Office

GDP Annual Growth Rate in Hungary averaged 2.63 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 -12.90 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 March of 2023.

GDP Annual Growth Rate in Hungary is expected to be -0.10 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 2.20 percent in 2024 and 3.00 percent in 2025, according to our econometric models.

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Hungary GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-02-14 07:30 AM YoY Prel Q4 0.4% 4% 1.3% 1.2%
2023-03-02 07:30 AM YoY Final Q4 0.4% 4% 0.4%
2023-05-16 06:30 AM YoY Prel Q1 0.4% -0.1%


Related Last Previous Unit Reference
GDP Growth Rate -0.40 -0.70 percent Dec 2022
GDP Annual Growth Rate 0.40 4.00 percent Dec 2022
GDP Constant Prices 11579978.00 11262883.00 HUF Million Dec 2022
Gross Fixed Capital Formation 2578371.00 2736174.00 HUF Million Dec 2022
Full Year GDP Growth 4.60 7.10 percent Dec 2022
GDP from Transport 630239.00 618295.00 HUF Million Dec 2022
GDP from Services 6387899.00 6381999.00 HUF Million Dec 2022
GDP from Public Administration 1299655.00 1292913.00 HUF Million Dec 2022
GDP from Manufacturing 2039781.00 2052501.00 HUF Million Dec 2022
GDP from Construction 430807.00 421845.00 HUF Million Dec 2022
GDP from Agriculture 202311.00 189761.00 HUF Million Dec 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
0.40 4.00 17.80 -12.90 1996 - 2022 percent Quarterly
NSA

News Stream
Hungary GDP Growth Slows in Q4
Hungary’s GDP expanded 0.4 percent year-on-year in the fourth quarter of 2022, easing from a 4.0 percent advance in the previous period. This marks the seventh consecutive quarter of expansion but the lowest growth rate in the sequence, as growth slowed in industry (2.7 percent vs 10.1 percent in Q3), namely manufacturing (3.3 percent vs 10.8 percent); services (2.8% vs 5.6%), notably accommodation services & hospitality (2.4% vs 6.4%) and information & communication (1.4% vs 5.3%); professional, scientific, technical & administrative activities (3.6% vs 10.3%); arts & entertainment (2.9% vs 4.6%). Meanwhile, agriculture sector posted a notable downturn (-32.3% vs -39.3%). On the other hand, output rose for health & social work (8% vs 6%). On a seasonally adjusted quarterly basis, the economy fell by 0.4 percent, in line with market expectations and following a 0.7 percent decline in the third quarter. Considering full 2022, the economy grew 4.6 percent compared to a year earlier.
2023-03-02
Hungary GDP Grows Less than Expected in Q4
Hungary’s gross domestic product expanded 0.4 percent year-on-year in the fourth quarter of 2022, easing from a 4.0 percent advance in the previous period and well below market estimates of a 1.3 percent growth, preliminary estimates showed. The expansion was supported mainly by industry, notably manufacture of motor vehicles, trailers & semi-trailers, as well as that of electrical equipment, and market services, led by real estate activities, transportation and storage. On the other hand, agriculture sector posted a notable downturn and slowed the growth. On a seasonally adjusted quarterly basis, the economy fell by 0.4 percent, from an upwardly revised 0.7 percent decline in the third quarter.
2023-02-14
Hungary GDP Growth Confirmed at 4% in Q3
Hungary’s gross domestic product advanced by 4% from a year earlier in the third quarter of 2022, in line with a preliminary estimate, slower than a 6.5% rise in the previous period. This marks the sixth consecutive quarter of expansion but the weakest growth rate in the sequence, amid fading low-base effects. Growth slowed in services (5.6% vs 10.5% in Q2), mainly accommodation & food services (6.4% vs 47.9%), transportation & storage (11.5% vs 20.4%) and information & communication (5.4% vs 13.1%). Additionally, agricultural activity plunged further (-39.3% vs -35.6%). Meanwhile, industrial output continued to rise solidly (9.6% vs 3.9%), mainly boosted by strong performance in manufacturing (10.6% vs 4.9%). On a seasonally adjusted quarterly basis, the economy shrank by 0.4%, its first contraction since Q2 of 2020, matching an earlier estimate and after a 0.8% rise in the previous quarter.
2022-12-01