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.