Hungarian Parliament building

Hungary Economy

Hungary's economy in numbers:

Nominal GDP of USD 177 billion in 2022.

GDP per capita of USD 18,297 compared to the global average of USD 10,589.

Average real GDP growth of 2.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 70% of overall GDP, manufacturing 19%, other industrial activity 8%, and agriculture 3%. Looking at GDP by expenditure, private consumption accounted for 48% of GDP in 2021, government consumption 20%, fixed investment 31%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 86% of total merchandise exports, mineral fuels 3%, food 8%, ores and metals 2% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 9%, food 6%, ores and metals 3% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 131 billion in 2022, while total imports were USD 147 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.9% in the decade to 2022. To read more about GDP growth in Hungary, go to our dedicated page.

Fiscal policy:

Hungary's fiscal deficit averaged 3.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 5.7% in the decade to 2022. For more information on Hungary's unemployment click here.

Inflation:

Inflation averaged 3.6% in the decade to 2022. Go to our Hungary inflation page for extra insight.

Monetary Policy:

Hungary's monetary policy rate ended 2022 at 13.00%, up from 5.75% a decade earlier. See our Hungary monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the forint weakened by 41.1% vs the U.S. dollar. For more info on the forint, click here.
GDP fell at a slower year-on-year pace in Q3 2023 amid falling inflation and sustained wage growth. It should have rebounded in Q4, according to our panel. Looking at available data, in October-November, retail sales fell less sharply than in Q3, underpinned by a further rise in real wages, while the contraction in industrial production softened. In other news, in January, the government announced that it had begun receiving the first tranches of EUR 10 billion in EU funds, which had previously been frozen, boding well for public spending ahead. Less positively, the forint slumped in the latter half of January after two government disputes—one with the EU over funding for Ukraine and another with the Central Bank on replacing the latter’s reference rate to reduce borrowing costs. That said, the forint subsequently recovered after the government relented on both issues.
Projections out to 2033.

54 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 39 expert analysts.

Want to get insight on the economic outlook for Hungary in the coming years? FocusEconomics collects projections out to 2033 on 54 economic indicators for Hungary from a panel of 39 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Hungary economy. To download a sample report on the Hungary's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Hungary Economic Data

2018 2019 2020 2021 2022
Population (million) 9.8 9.8 9.8 9.7 9.7
GDP (USD bn) 161 164 157 182 177
GDP per capita (USD) 16,417 16,779 16,096 18,704 18,297
GDP (EUR bn) 136 147 138 154 169
GDP per capita (EUR) 13,913 14,992 14,119 15,818 17,400
GDP (HUF bn) 43,387 47,674 48,425 55,199 66,075
Economic Growth (Nominal GDP, ann. var. %) 10.5 9.9 1.6 14.0 19.7
Economic Growth (GDP, ann. var. %) 5.4 4.9 -4.5 7.1 4.6
Domestic Demand (ann. var. %) 7.1 7.1 -2.6 6.3 3.7
Total Consumption (ann. var. %) 4.2 5.2 -1.0 3.8 5.5
Private Consumption (ann. var. %) 4.8 5.1 -1.3 4.8 6.5
Government Consumption (ann. var. %) 4.3 9.5 3.9 2.5 0.4
Fixed Investment (ann. var. %) 16.3 12.8 -7.1 5.8 0.1
Exports (G&S, ann. var. %) 5.0 5.4 -6.1 8.3 12.6
Imports (G&S, ann. var. %) 7.0 8.2 -3.9 7.3 11.6
Industrial Production (ann. var. %) 3.8 5.3 -7.0 9.7 5.8
Retail Sales (ann. var. %) 6.8 6.3 0.2 3.6 5.6
Disposable Income (ann. var. %) 8.4 4.8 -0.7 7.1 1.2
Wages (ann. var. %) 11.1 11.5 9.8 8.8 17.4
Unemployment (% of active population, eop) 3.5 3.2 4.1 3.7 3.9
Unemployment (% of active population, aop) 3.6 3.4 4.0 4.1 3.6
Fiscal Balance (% of GDP) -2.1 -2.0 -7.6 -7.2 -6.2
Public Debt (% of GDP) 69.1 65.3 79.3 76.7 73.9
Money (ann. var. of M2 %) 12.5 9.5 21.3 16.0 5.9
Inflation (CPI, ann. var. %, eop) 2.7 4.0 2.7 7.4 24.5
Inflation (CPI, ann. var. %, aop) 2.8 3.3 3.3 5.1 14.6
Inflation (HICP, ann. var. %, aop) 2.9 3.4 3.4 5.2 15.3
Inflation (Core, ann. var. %, aop) 2.0 3.1 3.7 3.9 15.8
Inflation (PPI, ann. var. %, aop) 5.5 2.1 4.2 13.6 33.7
Central Bank Base Rate (%, eop) 0.90 0.90 0.60 2.40 13.00
3-Month Interbank Rate (%, eop) 0.13 0.16 0.75 4.21 16.18
10-Year Bond Yield (%, eop) 3.01 2.01 2.08 4.51 8.98
Stock Market (ann. var. of BUX Index %) -0.6 17.7 -8.6 20.5 -13.7
Exchange Rate (HUF per USD, eop) 281 295 296 324 375
Exchange Rate (HUF per USD, aop) 270 291 308 303 373
Exchange Rate (HUF per EUR, eop) 321 331 363 369 400
Exchange Rate (HUF per EUR, aop) 319 325 351 359 392
Current Account Balance (EUR bn) 0.2 -1.2 -1.5 -6.5 -13.9
Current Account Balance (% of GDP) 0.2 -0.8 -1.1 -4.2 -8.2
Merchandise Trade Balance (EUR bn) -2.3 -3.7 -1.3 -4.4 -15.2
Merchandise Exports (EUR bn) 88.5 92.5 88.7 100.3 124.5
Merchandise Imports (EUR bn) 90.8 96.2 90.0 104.7 139.7
Merchandise Exports (ann. var. %) 3.8 4.5 -4.2 13.1 24.2
Merchandise Imports (ann. var. %) 8.7 5.9 -6.5 16.4 33.4
Foreign Direct Investment (EUR bn) 11.3 11.6 11.0 12.0 13.0
International Reserves (EUR bn) 27.4 28.4 33.8 38.4 38.6
International Reserves (months of imports) 3.6 3.5 4.5 4.4 3.3
External Debt (EUR bn) 108 107 112 131 150
External Debt (% of GDP) 79.2 73.2 81.0 84.9 89.1

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