Hungary GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

1.5

Units In

1.1

Frequency

Quarterly

Next Release

Dec 03, 2024

Time to Release

2 Months 28 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
17.8 Jun 2021	-13 Jun 2020	2.45 %	1996-2024	Hungarian Central Statistical Office

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.

Latest Updates

Hungary’s gross domestic product advanced 1.5% year-on-year in the second quarter of 2024, confirming preliminary estimates and following a 1.1% expansion in the previous three-month period. It was the second consecutive period of GDP growth, primarily driven by increases in economic performances from construction (6.2% vs 3%% in Q1), accommodation service & hospitality (7.2% vs 5.2%), and financial & insurance activities (2.8% vs 1.3%). Meanwhile, downturns were observed in the agriculture sector (-5.2% vs 0.4%) and transportation & storage (3.2% vs -6.1%). On a seasonally adjusted quarterly basis, the GDP declined by 0.2%, shifting from a 0.7% increase in the previous quarter.