Hungary GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

-0.8

Units In

1.5

Frequency

Quarterly

Next Release

Mar 05, 2025

Time to Release

2 Months 29 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
17.8 Jun 2021	-13 Jun 2020	2.42 %	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 shrank by 0.8% year-on-year in the third quarter of 2024, confirming preliminary estimates and slipping from a 1.5% expansion in the previous three-month period. This marked the first drop in the economy since the third quarter of 2023, mainly dragged down by declines in economic performances from the agriculture (14.9% vs -6.8% in Q2) and industry sector (-4.4% vs -2.5% in Q2), particularly in manufacturing (-6.2% vs -3.1%) and construction (-4% vs 5.3%). Meanwhile, the downturn was partly offset by a good performance in the service sector (1.9% vs 2.2%), mainly from education (3.8% vs 2.2%), and art, entertainment, leisure and other services (5.9% vs 5%). On a seasonally adjusted quarterly basis, the GDP declined by 0.7%, following a 0.2% drop in the previous quarter.