GDP per capita in Hungary
Hungary - GDP per capita (U.S. Dollars)
GDP growth slows in the third quarter
GDP growth moderated to 4.0% year on year (yoy) in the third quarter, from 6.5% in the second quarter. A considerable slowdown in domestic demand amid soaring inflation, higher interest rates and depressed consumer and business sentiment drove the deceleration.
Private consumption increased 4.1% in the third quarter, below the second quarter’s 9.8% expansion, as consumers felt the pinch of decreasing purchasing power and weak sentiment. Government consumption fell 0.5% (Q2: -0.2% yoy). Meanwhile, fixed investment growth moderated to 4.1% in Q3, from 6.2% in the prior quarter, amid heightened uncertainty surrounding the economic outlook.
On the external front, exports of goods and services growth accelerated to 14.1% yoy in the third quarter (Q2: +7.6% yoy), sustained by a resilient industrial sector. Meanwhile, imports of goods and services growth accelerated to 10.6% in Q3 (Q2: +7.0% yoy).
On a seasonally-adjusted quarter-on-quarter basis, the economy shrank 0.4% in Q3, swinging from the previous quarter’s 0.8% increase.
Commenting on the outlook, Peter Virovacz, senior economist at ING, stated:
“The detailed data, therefore, confirms our view that the domestic developments will translate into a technical recession in Hungary, as we see a continued drop in real GDP on a quarterly basis in the fourth quarter. [...] As for 2023, the picture is much gloomier. This year’s expected ugly end creates a negative carry-over effect for next year, and Hungary is probably facing another quarter of GDP contraction in the early stages of 2023.”
FocusEconomics analysts see GDP growing 0.4% in 2023, which is down 0.1 percentage points from last month’s forecast, and 2.9% in 2024.
Hungary - GDP per capita (USD) Data
|GDP per capita (USD)||12,740||12,996||14,529||16,003||16,392|
5 years of economic forecasts for more than 30 economic indicators.
|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.
December 1, 2022
GDP growth moderated to 4.0% year on year (yoy) in the third quarter, from 6.5% in the second quarter.
November 30, 2022
The GKI economic sentiment index, a composite indicator, fell to minus 22.5 in November from minus 21.9 in October.
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.