Hungary’s GDP expanded 2.2 percent year-on-year in the first quarter of 2020, the slowest pace of expansion since the three months to March 2016 and in line with preliminary estimates. Household consumption slowed (5 percent vs 5.4 percent in Q4) and gross fixed capital formation declined (-2.6 percent vs 7 percent). Net trade contributed negatively to growth, as exports went down 0.5 percent (vs 3.3 percent) while imports rose 1.3 percent (vs 5.9 percent). On the production side, output advanced at a softer pace mainly for services (2.4 percent vs 4.6 percent), manufacturing, mining and quarrying and other industry (1.7 percent vs 3.2 percent). On a seasonally adjusted quarterly basis, the GDP shrank by 0.4 percent in the first quarter, the first period of contraction in four years.

GDP Annual Growth Rate in Hungary averaged 2.61 percent from 1996 until 2020, reaching an all time high of 5.90 percent in the first quarter of 2000 and a record low of -7.90 percent in the second quarter of 2009. This page provides - Hungary GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Hungary GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2020. source: Hungarian Central Statistical Office

GDP Annual Growth Rate in Hungary is expected to be -10.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Hungary to stand at 12.10 in 12 months time. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 7.80 percent in 2021 and 2.60 percent in 2022, according to our econometric models.

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Hungary GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.20 4.50 5.90 -7.90 1996 - 2020 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2020-02-14 08:00 AM YoY Prel Q4 4.5% 5% 4.5% 4.2%
2020-02-28 08:00 AM YoY Final Q4 4.5% 5.0% 4.5% 4.5%
2020-05-15 07:00 AM YoY Prel Q1 2.2% 4.5% 2% 2.2%
2020-05-29 07:00 AM YoY Final Q1 2.2% 4.5% 2.2% 2.2%
2020-08-14 07:00 AM YoY Prel Q2 2.2% -10.5% -12.5%
2020-09-01 07:00 AM YoY Final Q2 2.2% -12.5%
2020-11-13 08:00 AM YoY Prel Q3 -10.8%
2020-12-01 08:00 AM YoY Final Q3 -10.8%


News Stream
Hungary Q1 GDP Confirmed at 4-Year Low
Hungary’s GDP expanded 2.2 percent year-on-year in the first quarter of 2020, the slowest pace of expansion since the three months to March 2016 and in line with preliminary estimates. Household consumption slowed (5 percent vs 5.4 percent in Q4) and gross fixed capital formation declined (-2.6 percent vs 7 percent). Net trade contributed negatively to growth, as exports went down 0.5 percent (vs 3.3 percent) while imports rose 1.3 percent (vs 5.9 percent). On the production side, output advanced at a softer pace mainly for services (2.4 percent vs 4.6 percent), manufacturing, mining and quarrying and other industry (1.7 percent vs 3.2 percent). On a seasonally adjusted quarterly basis, the GDP shrank by 0.4 percent in the first quarter, the first period of contraction in four years.
2020-05-29
Hungary GDP Growth Slows to 4-Year Low
Hungary's gross domestic product grew by 2.2 percent year-on-year in the first quarter of 2020, the slowest pace of expansion since the three months to March 2016 and slightly above market expectations of 2.0 percent, a preliminary estimate showed. Services and industry output advanced at a softer pace as the coronavirus pandemic hit the economy. On a seasonally adjusted quarterly basis, the GDP shrank by 0.4 percent in the first quarter, the first period of contraction in four years.
2020-05-15
Hungary Q4 GDP Growth Confirmed at Over 2-Year Low
The Hungarian economy advanced 4.5 percent year-on-year in the last quarter of 2019, easing from a 5 percent expansion in the previous period and matching a preliminary estimate and market expectations. It was the weakest growth rate since Q3 2017, mainly due to a slowdown in industry (3.2 percent vs 7.6 percent in Q3), in particular manufacturing (3% vs 8.1%); construction (11.3% vs 18.4%) and services (4.6% vs 4%). On the expenditure side, gross fixed capital formation eased (7% vs 16.1%); while both government expenditure (7% vs 4%) and household consumption (4.8% vs 3.8%) increased further. Net trade contributed negatively to growth, as exports went up 3.8 percent (vs 10.2%) and imports rose at a faster 5.9 percent (vs 10.2%). On a seasonally adjusted quarterly basis, the GDP grew 1 percent, after rising 1.1 percent in Q3. Considering full 2019, the economy advanced 4.9 percent, slowing from a 5.1 percent expansion in 2018.
2020-02-28
Hungary Q4 GDP Growth Rate at 2-Year Low of 4.5%
Hungary’s GDP expanded 4.5 percent year-on-year in the fourth quarter of 2019, easing from a 5.0 percent advance in the previous period and in line with market expectations, preliminary estimates showed. It was the lowest annual GDP growth rate since the third quarter of 2017. On a seasonally adjusted quarterly basis, the GDP advanced 1.0 percent, below a 1.1 percent rise in the previous three-month period and also the lowest since Q3 2017. For full 2019, the economy grew 4.9 percent, slowing from a 5.1 percent expansion in 2018.
2020-02-14

Hungary GDP Annual Growth Rate
Electronics manufacturing and research are among the main drivers of innovation and economic growth in Hungary. The country has also grown into a major center for mobile technology, information security, and related hardware research. On the expenditure side, household consumption is the main component of GDP and accounts for 50 percent of its total use, followed by gross fixed capital formation (22 percent) and government expenditure (20 percent). Exports of goods and services account for 89 percent of GDP while imports account for 82 percent, adding 7 percent of total GDP.