GDP in Hungary
Hungary - GDP
The economy contracts in Q3
According to a preliminary reading, the economy shrank 0.4% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting Q2’s 0.8% increase. On an annual basis, the pace of expansion slowed to 4.0% in Q3, from 6.5% in Q2.
While a detailed breakdown is set to be released on 1 December, the press release highlighted that activity in the market services sector and in industry were the main drivers of the year-on-year expansion.
János Nagy, analyst at Erste Bank, signaled downside risks to growth ahead:
“Looking ahead, the short-term outlook is not so favourable, however. The coming quarters could thus bring a
relevant slowdown in annual GDP growth rates. Due to the elevated levels of energy prices and the still surging
inflation, households and corporates [may be] affected negatively even more and more in the upcoming periods.”
FocusEconomics analysts see GDP growing 2.4% in 2023, which is unchanged from last month’s forecast, and 4.3% in 2024.
Hungary - GDP Data
|Economic Growth (GDP, annual variation in %)||3.8||2.2||4.3||5.1||4.9|
5 years of economic forecasts for more than 30 economic indicators.
Hungary GDP Chart
Source: Hungarian Central Statistical Office (KSH).
|Bond Yield||2.08||0.0 %||Dec 31|
|Exchange Rate||295.1||-0.68 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
November 22, 2022
At its 22 November meeting, the Monetary Council of the Hungarian National Bank (MNB) left its base rate unchanged at 13.00% for the second consecutive meeting.
November 15, 2022
According to a second estimate by the Statistical Institute, industrial output rose 11.6% in year-on-year terms in September, which followed August's 9.1% increase.
November 15, 2022
According to a preliminary reading, the economy shrank 0.4% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting Q2’s 0.8% increase.
November 10, 2022
Inflation came in at 21.1% in October, which was up from September’s 20.1%.
October 26, 2022
The GKI economic sentiment index, a composite indicator, plunged to minus 21.9 in October from minus 14.5 in September.