Hungary GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

0.4

Units In

-0.8

Frequency

Quarterly

Next Release

Jun 03, 2025

Time to Release

2 Months 28 Days 10 Hours

Highest	Lowest	Average	Date Range	Source
17.8 Jun 2021	-13 Jun 2020	2.4 %	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 by 0.4% year-on-year in the fourth quarter of 2024, confirming preliminary estimates and recovering from a 0.8% contraction in the previous three-month period. The improvement in the economic performance was mainly driven by the services sector (2.1% vs 1.7% in Q3), particularly in accommodation and food service activities (6.4% vs 2.4%) and wholesale and retail trade; repair of motor vehicles and motorcycles (2.8% vs 0.7%). Meanwhile, the downturn was partly offset by declines seen from agriculture (-13.5% vs -15.1%) and industry (-1.6% vs -4.1%), especially in manufacturing (-3.5% vs -5.9%) and construction (-3.1% vs -3.5%). On a seasonally adjusted quarterly basis, the GDP rose by 0.5%, following a 0.6% contraction in the previous quarter. Considering the full year of 2024, the economy expanded by 0.5%, rebounding from a 0.9% drop in the last year.