Hungría Economy

Economic growth:

The economy recorded average annual growth of 2.9% in the decade to 2022. To read more about GDP growth in Hungary, go to our dedicated page.

Fiscal policy:

Hungary's fiscal deficit averaged 3.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 5.7% in the decade to 2022. For more information on Hungary's unemployment click here.

Inflation:

Inflation averaged 3.6% in the decade to 2022. Go to our Hungary inflation page for extra insight.

Monetary Policy:

Hungary's monetary policy rate ended 2022 at 13.00%, up from 5.75% a decade earlier. See our Hungary monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the forint weakened by 41.1% vs the U.S. dollar. For more info on the forint, click here.

GDP fell at a slower year-on-year pace in Q3 2023 amid falling inflation and sustained wage growth. It should have rebounded in Q4, according to our panel. Looking at available data, in October-November, retail sales fell less sharply than in Q3, underpinned by a further rise in real wages, while the contraction in industrial production softened. In other news, in January, the government announced that it had begun receiving the first tranches of EUR 10 billion in EU funds, which had previously been frozen, boding well for public spending ahead. Less positively, the forint slumped in the latter half of January after two government disputes—one with the EU over funding for Ukraine and another with the Central Bank on replacing the latter’s reference rate to reduce borrowing costs. That said, the forint subsequently recovered after the government relented on both issues.

Projections out to 2033.

54 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 39 expert analysts.

Want to get insight on the economic outlook for Hungary in the coming years? FocusEconomics collects projections out to 2033 on 54 economic indicators for Hungary 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. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Hungary economy. To download a sample report on the Hungary's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .