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) 136 147 138 154 168
GDP (HUF bn) 43,387 47,674 48,444 55,205 65,952
Economic Growth (Nominal GDP, ann. var. %) 10.5 9.9 1.6 14.0 19.5

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 GDP projections for the next ten years from a panel of 41 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.

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