Hungarian Parliament building

Hungary GDP Q1 2022

Hungary: Economic growth records strongest reading since Q2 2021 in Q1 2022

Economic growth improved to 8.2% year on year in the first quarter, from 7.1% in the fourth quarter of last year. Q1’s reading marked the best reading since Q2 2021.

The upturn reflected improvements in private consumption, public spending, fixed investment and exports. Household spending increased 14.6% in the first quarter, which was above the fourth quarter’s 7.8% expansion. Government spending accelerated to a 6.4% expansion in Q1 (Q4 2021: +0.4% yoy). Meanwhile, fixed investment growth hit an over two-year high of 13.2% in the first quarter, up from the fourth quarter’s 3.2%.

On the external front, exports of goods and services growth accelerated to 5.2% year on year in the first quarter, which marked the best reading since Q2 2021 (Q4 2021: +2.6% yoy). In addition, imports of goods and services growth sped up to 8.3% in Q1 (Q4 2021: +2.0% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic growth ticked up to 2.1% in Q1, compared to the previous quarter’s 2.0% increase. Q1’s reading marked the strongest growth since Q2 2021.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen