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.
Preliminary national accounts data showed that the economy expanded 1.1% year on year in the first quarter of 2024, above both the flat reading recorded in Q4 2023 and market expectations. Although a breakdown by expenditure is not yet available, the accompanying press release highlighted that rising value added in the market services sector outweighed shrinking value added in the industrial sector. Moving to the current quarter, our Consensus expects growth to pick up steam. Although available data is scarce, April’s services-driven increase in economic sentiment seems to corroborate our panel’s projection. Meanwhile, in late April, the government launched a HUF 15 billion (EUR 38 million) support plan to boost the tourism sector’s competitiveness, which bodes well for activity ahead.
Projections out to 2033.

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 2033 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 .

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 16,102 18,706 18,263
GDP (EUR bn) 136 147 138 154 168
GDP per capita (EUR) 13,913 14,992 14,124 15,820 17,368
GDP (HUF bn) 43,387 47,674 48,444 55,205 65,952
Economic Growth (Nominal GDP, ann. var. %) 10.5 9.9 1.6 14.0 19.5
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 4.1
Total Consumption (ann. var. %) 4.2 5.2 -0.9 3.8 5.9
Private Consumption (ann. var. %) 4.8 5.1 -1.3 4.8 7.1
Government Consumption (ann. var. %) 4.3 9.5 4.2 2.5 0.8
Fixed Investment (ann. var. %) 16.3 12.8 -7.1 5.7 1.4
Exports (G&S, ann. var. %) 5.0 5.4 -6.1 8.3 11.4
Imports (G&S, ann. var. %) 7.0 8.2 -3.9 7.3 10.8
Industrial Production (ann. var. %) 3.8 5.3 -6.7 9.4 5.6
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 2.2
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 74.1
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 -1.6 -6.6 -14.1
Current Account Balance (% of GDP) 0.2 -0.8 -1.1 -4.3 -8.4
Merchandise Trade Balance (EUR bn) -2.3 -3.7 -1.2 -4.4 -15.1
Merchandise Exports (EUR bn) 88.5 92.6 88.8 100.3 122.4
Merchandise Imports (EUR bn) 90.8 96.2 90.0 104.7 137.5
Merchandise Exports (ann. var. %) 3.8 4.5 -4.1 13.0 21.9
Merchandise Imports (ann. var. %) 8.6 6.0 -6.5 16.3 31.3
Foreign Direct Investment (EUR bn) 11.3 11.6 11.0 12.1 13.4
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 3.4
External Debt (EUR bn) 108 107 112 134 155
External Debt (% of GDP) 79.2 73.2 81.3 87.0 92.1

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