Hungarian Parliament building

Hungary GDP

Hungary GDP

Economic Growth in Hungary

Hungary's economy recorded an average real GDP growth rate of 3.4% in the decade to 2022, above the 2.5% average for Eastern Europe. In 2022, real GDP growth was 4.6%. For more GDP information, visit our dedicated page.

Hungary GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Hungary from 2014 to 2023.
Source: Statistical Office Hungary.

Hungary GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 5.4 4.9 -4.5 7.1 4.6
GDP (USD bn) 161 164 157 182 177
GDP (EUR bn) 136 147 138 154 169
GDP (HUF bn) 43,387 47,674 48,425 55,199 66,075
Economic Growth (Nominal GDP, ann. var. %) 10.5 9.9 1.6 14.0 19.7

GDP records best reading this year in Q3

GDP fell at a more moderate rate of 0.4% year on year in the third quarter, above the 2.4% contraction recorded in the second quarter. Q3's reading marked the best result since Q4 2022. On a seasonally adjusted quarter-on-quarter basis, economic activity expanded 0.9% in Q3, following the previous period's flat reading. Q3's reading marked the best result since Q2 2022.

Private consumption dropped at a softer pace of 2.7% yoy in the third quarter, which marked the best reading since Q4 2022 (Q2: -3.5% yoy), amid easing price pressures and strong wage growth. Public consumption sped up to a 4.4% expansion in Q3 (Q2: +1.0% yoy). Meanwhile, fixed investment declined at a slightly more moderate pace of 15.1% in Q3 from the 15.2% decrease recorded in the previous quarter. On the external front, exports of goods and services contracted 3.6% in Q3, marking the worst result since Q3 2020 (Q2: +0.3% yoy), weighed down by Germany’s ailing economy. In addition, imports of goods and services dropped at a steeper pace of 8.7% in Q3 (Q2: -6.0% yoy), marking the worst reading since Q2 2020.

The economy should rebound next year. Declining inflation and interest rates, together with healthy real wage growth, will buttress household spending and investment. The industrial sector will also return to growth, bolstered by stronger external and domestic demand. A potential agreement with the EU on the disbursement of funds poses an upside risk.

Commenting on the outlook, János Nagy, analyst at Erste, stated: “After the disappointing 1H 2023 figures, the second half of this year started to bring a rebound. On one hand, as domestic consumption is set to somewhat improve in parallel with the strongly easing inflationary pressure, looking ahead this process could continue. […] On the other hand, the ongoing normalization, the interest rate environment is still high, while delay of disbursement of EU funds and yet ongoing fiscal consolidation negatively affect government investments.”

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 GDP projections for the next ten years from a panel of 39 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 GDP forecast available for Hungarian GDP.

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

Want to get access to the full dataset of Hungarian GDP forecasts? Send an email to info@focus-economics.com.

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