GDP in Hungary
Hungary - GDP
Growth nears two-decade high in Q1
First-quarter growth clocked in at the fastest pace in nearly two decades, according to Hungary’s Statistical Office on 31 May. Moreover, the economy defied analysts’ expectations of an obvious slowdown; it grew at 5.3% year-on-year in the first quarter (Q4 2018: +5.1% year-on-year).
Fixed investment fueled domestic demand at the outset of the year amid capacity constraints in the manufacturing sector and a European Union-funded construction boom, expanding 23.4% year-on-year (Q4 2018: +17.2% yoy). Household spending, meanwhile, was upbeat on low unemployment and higher wages, rising 4.8% (Q4 2018: +4.3% yoy). For its part, government spending rebounded (Q1: +2.1% yoy; Q4 2018: -7.0% yoy).
The external sector fared better, too. Export growth picked up to 7.7% year-on-year despite a shakier EU (Q4 2018: +5.6% yoy), while import growth moderated to 6.7% (Q4 2018: +8.2% yoy). Taken together, foreign trade added 1.3 percentage points to growth in the first quarter (Q4 2018: subtracted 1.7 percentage points).
Amid nascent signs of overheating, Hungary’s economy is set to cool off this year as capacity constraints rein in domestic demand. Short-term growth prospects for the EU suggest that export growth could ease up, too. FocusEconomics Consensus Forecast analysts see growth at 3.8% this year and at 2.8% next year.
Hungary - GDP Data
|Economic Growth (GDP, annual variation in %)||2.1||4.2||3.4||2.2||4.0|
5 years of economic forecasts for more than 30 economic indicators.
Hungary GDP Chart
Source: Hungarian Central Statistical Office (KSH).
|Bond Yield||2.67||0.0 %||Jun 20|
|Exchange Rate||286.1||-0.68 %||Jun 20|
|Stock Market||40,775||0.04 %||Jun 20|
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June 13, 2019
Industrial output increased a working-day-adjusted 6.0% year-on-year in April, down from 8.0% in March.
June 7, 2019
Consumer prices increased 0.7% month-on-month in May, down from 0.9% in April.
May 31, 2019
First-quarter growth clocked in at the fastest pace in nearly two decades, according to Hungary’s Statistical Office on 31 May.
May 29, 2019
On 28 May, the Monetary Council of the Hungarian National Bank (MNB) left the base rate at its current record low of 0.90% and held steady all other existing instruments.
May 27, 2019
The GKI economic sentiment index, a composite indicator, rose for the first time in five months in May, edging up to 4.3 points from 2.9 points in April.