Hungarian Parliament building

Hungary Private consumption

Hungary Private consumption

Private Consumption in Hungary

The economy of Hungary recorded an average growth rate of 3.5% in private consumption in the decade to 2022, which is above the 2.1% average for Eastern Europe. In 2022, private consumption growth was 6.5%. For more private consumption information, visit our dedicated page.

Hungary Private consumption Chart

Note: This chart displays Private Consumption (annual variation in %) for Hungary from 2014 to 2023.
Source: Statistical Office Hungary.

Hungary Private consumption Data

2018 2019 2020 2021 2022
Private Consumption (ann. var. %) 4.8 5.1 -1.3 4.8 6.5

The economy stagnates in the fourth quarter

According to a preliminary estimate, GDP flatlined year on year in the fourth quarter, above the 0.4% contraction tallied in the third quarter but below market expectations. Q4's reading marked the best result since Q4 2022. On a seasonally adjusted quarter-on-quarter basis, GDP also flatlined in Q4, down from the previous quarter's 0.8% expansion. A complete breakdown will be released on 5 March.

According to the press release, the year-on-year result came on the back of falling output in the industry and construction sectors offset by rising agricultural production.

The economy should bounce back this year. Declining inflation and interest rates, together with real wage growth, will translate into rebounds in household spending and investment. The industrial sector will also return to growth amid stronger external and domestic demand. A potential agreement with the EU on the further disbursement of funds poses an upside risk.

Commenting on the release, ING’s Peter Virovacz and Dávid Szonyi stated: “With this weak fourth-quarter performance, the so-called carry-over effect in 2024 will also be much weaker than expected, which, based on our calculation, is around 0.4%. In other words, with a full year of stagnation, annual economic growth in 2024 would be around 0.4%. However, with a good end of the year, it could have been double or even triple that.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hungarian private consumption projections for the next ten years from a panel of 23 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. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Hungarian private consumption.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Hungarian private consumption projections.

Want to get access to the full dataset of Hungarian private consumption forecasts? Send an email to

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