Hungary’s gross domestic product advanced by 4% from a year earlier in the third quarter of 2022, in line with a preliminary estimate, slower than a 6.5% rise in the previous period. This marks the sixth consecutive quarter of expansion but the weakest growth rate in the sequence, amid fading low-base effects. Growth slowed in services (5.6% vs 10.5% in Q2), mainly accommodation & food services (6.4% vs 47.9%), transportation & storage (11.5% vs 20.4%) and information & communication (5.4% vs 13.1%). Additionally, agricultural activity plunged further (-39.3% vs -35.6%). Meanwhile, industrial output continued to rise solidly (9.6% vs 3.9%), mainly boosted by strong performance in manufacturing (10.6% vs 4.9%). On a seasonally adjusted quarterly basis, the economy shrank by 0.4%, its first contraction since Q2 of 2020, matching an earlier estimate and after a 0.8% rise in the previous quarter. source: Hungarian Central Statistical Office

GDP Annual Growth Rate in Hungary averaged 2.66 percent from 1996 until 2022, reaching an all time high of 17.80 percent in the second quarter of 2021 and a record low of -12.90 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 February of 2023.

GDP Annual Growth Rate in Hungary is expected to be -0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hungary GDP Annual Growth Rate is projected to trend around 2.20 percent in 2024 and 3.00 percent in 2025, according to our econometric models.

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Hungary GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-15 08:00 AM YoY Prel Q3 4% 6.5% 3.5% 3%
2022-12-01 08:00 AM YoY Final Q3 4% 6.5% 4% 4%
2023-02-14 07:30 AM YoY Prel Q4 4% 0.8% 1.2%


Related Last Previous Unit Reference
GDP Growth Rate -0.40 0.80 percent Sep 2022
GDP Annual Growth Rate 4.00 6.50 percent Sep 2022
GDP Constant Prices 11258665.00 11148976.00 HUF Million Sep 2022
Gross Fixed Capital Formation 2845022.00 2826790.00 HUF Million Sep 2022
Full Year GDP Growth 7.10 -4.90 percent Dec 2021
GDP from Transport 619907.00 631928.00 HUF Million Sep 2022
GDP from Services 6408824.00 6455470.00 HUF Million Sep 2022
GDP from Public Administration 1283808.00 1283416.00 HUF Million Sep 2022
GDP from Manufacturing 2062547.00 2018330.00 HUF Million Sep 2022
GDP from Construction 433836.00 433616.00 HUF Million Sep 2022
GDP from Agriculture 198544.00 209350.00 HUF Million Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
4.00 6.50 17.80 -12.90 1996 - 2022 percent Quarterly
NSA

News Stream
Hungary GDP Growth Confirmed at 4% in Q3
Hungary’s gross domestic product advanced by 4% from a year earlier in the third quarter of 2022, in line with a preliminary estimate, slower than a 6.5% rise in the previous period. This marks the sixth consecutive quarter of expansion but the weakest growth rate in the sequence, amid fading low-base effects. Growth slowed in services (5.6% vs 10.5% in Q2), mainly accommodation & food services (6.4% vs 47.9%), transportation & storage (11.5% vs 20.4%) and information & communication (5.4% vs 13.1%). Additionally, agricultural activity plunged further (-39.3% vs -35.6%). Meanwhile, industrial output continued to rise solidly (9.6% vs 3.9%), mainly boosted by strong performance in manufacturing (10.6% vs 4.9%). On a seasonally adjusted quarterly basis, the economy shrank by 0.4%, its first contraction since Q2 of 2020, matching an earlier estimate and after a 0.8% rise in the previous quarter.
2022-12-01
Hungary GDP Growth Above Estimates in Q3
Hungary’s gross domestic product expanded 4.0 percent from a year earlier in the third quarter of 2022, beating market estimates of a 3.5 percent growth, preliminary estimates showed. With the exception of agriculture, which posted a notable downturn and capped the increase, all sectors contributed to the rise. Growth rates were considerably high in industry and market services, namely manufacture of motor vehicles, trailers and semi-trailers, along with manufacture of computer electronics, optical products and electrical equipment. In the market services, the expansion was led by transportation and storage, with professional, scientific, technical and administrative activities. On a seasonally adjusted quarterly basis, the economy fell 0.4 percent, its first contraction since Q2 of 2020.
2022-11-15
Hungary GDP Growth Surpasses Forecasts
Hungary’s gross domestic product expanded 6.5 percent from a year earlier in the second quarter of 2022, above market expectations of a 6.1 percent rise, preliminary estimates showed. On a seasonally adjusted quarterly basis, the economy grew 1.1 percent, easing from the 2.1 percent increase in the first quarter. Considerable contributions to growth were seen across most sectors of the Hungarian economy, led by sharper expansion rates for industry and market services, especially in manufacturing of food products and transportation and storage. On the other hand, sharper growth was capped by a downturn in agriculture.
2022-08-17