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.