Hungary GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

0.4

Units In

-0.8

Frequency

Quarterly

Next Release

Mar 05, 2025

Time to Release

1 Months 2 Days 7 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 expanded by 0.4% year-on-year in the fourth quarter of 2024, recovering from a 0.8% contraction in the previous three-month period, preliminary estimates showed. The improvement in the economic performance was primarily driven by the combined performances in the services sector. However, the upturn was partially offset by the decline in the added value of agriculture, industry, and construction. On a seasonally adjusted quarterly basis, the GDP advanced by 0.5% in the fourth quarter of 2024, rebounding from a downwardly revised 0.6% dropped in the preceding period.