The Hungarian economy contracted 2.1% year-on-year in the first quarter of 2021, slightly less than initial estimates of a 2.3% decrease, and extending the recession for four consecutive quarters amid the pandemic crisis. On the production side, services fell by 3.5% and construction by 2.4% while manufacturing grew by 4.1% and agriculture by 2.5%. On the expenditure side, household spending went down 3.7% while gross fixed capital formation dropped 0.1%. On a quarterly basis, the GDP expanded 2%, slightly above preliminary estimates of a 1.9% growth and following a 2.8% rise in the previous quarter. source: Hungarian Central Statistical Office

GDP Annual Growth Rate in Hungary averaged 2.27 percent from 1996 until 2021, reaching an all time high of 5.90 percent in the first quarter of 2000 and a record low of -13.30 percent in the second quarter of 2020. 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 June of 2021.

GDP Annual Growth Rate in Hungary is expected to be 13.50 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 7.50 in 12 months time. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 4.10 percent in 2022 and 3.20 percent in 2023, according to our econometric models.

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Hungary GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-2.10 -3.50 5.90 -13.30 1996 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-02-16 08:00 AM YoY Prel Q4 -3.7% -4.6% -6% -5%
2021-03-02 08:00 AM YoY Final Q4 -3.6% -4.6% -3.7%
2021-05-18 07:00 AM YoY Prel Q1 -2.3% -3.5% -3.7% -3.9%
2021-06-01 07:00 AM YoY Final Q1 -2.1% -3.5% -2.3%
2021-08-17 07:00 AM YoY Prel Q2 -2.1% 13.5%
2021-09-01 07:00 AM YoY Final Q2 -2.1%
2021-11-16 08:00 AM YoY Prel Q3 5.7%
2021-12-01 08:00 AM YoY Final Q3


News Stream
Hungary GDP Shrinks Slightly Less than Initially Estimated
The Hungarian economy contracted 2.1% year-on-year in the first quarter of 2021, slightly less than initial estimates of a 2.3% decrease, and extending the recession for four consecutive quarters amid the pandemic crisis. On the production side, services fell by 3.5% and construction by 2.4% while manufacturing grew by 4.1% and agriculture by 2.5%. On the expenditure side, household spending went down 3.7% while gross fixed capital formation dropped 0.1%. On a quarterly basis, the GDP expanded 2%, slightly above preliminary estimates of a 1.9% growth and following a 2.8% rise in the previous quarter.
2021-06-01
Hungary Economy Contracts Less than Forecast
Hungary's gross domestic product shrank 2.3 percent from a year earlier in the first quarter of 2021, easing from a revised 3.5 percent contraction in the previous three-month period and compared with market consensus of a 3.7 percent slump, a preliminary estimate showed. It was the fourth consecutive period of GDP decline, as the was put under lockdown to curb the spread of the coronavirus. On a quarterly basis, the economy expanded by 1.9 percent, boosted by industry, financial and insurance activity as well as the information and communication sectors.
2021-05-18
Hungary GDP Shrinks Slightly Less than Initially Estimated
The Hungarian economy contracted 3.6% year-on-year in the last quarter of 2020, slightly less than initial estimates of a 3.7% drop, and extending the recession for 3 consecutive quarters amid a coronavirus lockdown from early November. On the production side, services went down 5.7%, construction 3.9% and agriculture 5.6% while manufacturing increased 2.4%. On the expenditure side, household spending went down 4.2% while gross fixed capital formation grew 1.2%. Considering full 2020, the economy contracted 5%.
2021-03-02
Hungarian Q4 GDP Shrinks Less than Expected
The Hungarian economy shrank 3.7 percent year-on-year in the fourth quarter of 2020, following a 4.6 percent contraction in the previous period and less than market expectations of a 6 percent slump, a preliminary estimate showed. On a seasonally adjusted quarterly basis, the economy advanced 1.1 percent, slowing from a record 11.4 percent growth in the previous period, supported by industry as well as information and communication. Considering the full year of 2020, the GDP contracted 5.1 percent over a year earlier.
2021-02-16

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.