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 2022 to 2020.
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 7.1

The economy returns to growth in the first quarter

According to a preliminary estimate, GDP increased 1.1% year on year in the first quarter of this year, above the flat reading recorded in the last quarter of 2023 and market expectations. Q1's reading marked the best result since Q4 2022. On a seasonally adjusted quarter-on-quarter basis, GDP also returned to growth, expanding 0.8%, up from the previous quarter's flat reading. A complete breakdown will be released on 5 June.

According to the press release, the year-on-year result came on the back of rising output in the market services sector, outweighing falling industrial 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: “The Hungarian economy has started to emerge from stagnation based on the first quarter preliminary GDP data. Without knowing the exact details of the growth structure, we maintain our 2024 full-year GDP forecast at 2.1%.”

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 22 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 info@focus-economics.com.

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