Hungary's Macroeconomic Analysis:
Nominal GDP of USD 177 billion in 2022.
Nominal GDP of USD 213 billion in 2023.
GDP per capita of USD 22,157 compared to the global average of USD 10,589.
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.
Average real GDP growth of 3% over the last decade.
Sector Analysis
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%.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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Hungary
The economy underperformed in Q3, swinging to a 0.8% decline in annual terms (Q2: +1.5% yoy). The flash result was notably weaker than markets had expected and stemmed from deteriorations in the agricultural, industrial and construction sectors. The services sector prevented a steeper GDP decline but nonetheless fell short of market forecasts. In Q4, our panel has penciled in a GDP rebound, but available data calls for caution. In October, economic sentiment weakened from Q3’s average, as sentiment in the retail and services sectors deteriorated and consumers grew more pessimistic. In other news, the government presented its 2025 draft budget to Parliament in mid-November, aiming to cut the fiscal deficit from 2024’s 4.5% to 3.7% of GDP. However, the plan is based on an optimistic 2025 GDP growth projection and is clouded further by limited budget reserves and frozen EU funds.Hungary Economic Forecasts
Projections out to 2034.57 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 42 expert analysts.
Want to get insight on the economic outlook for Hungary in the coming years? FocusEconomics collects projections out to 2034 on 57 economic indicators for Hungary from a panel of 42 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.