Construction

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Construction output volume, based on raw data, was below the previous year’s level by 8.2% in September 2024. Out of the main groups of construction the construction of buildings decreased by 2.0%, that of civil engineering lessened by 17.0%. Based on seasonally and working day adjusted indices construction output was 2.7% lower than in August. Construction producer prices increased by 5.4% in the 3rd quarter of 2024 compared to the same period of the previous year.

The performance of the Hungarian economy increased in the 1st semester of 2024 by 1.3%, year-on-year. Most services offering sections as well as construction contributed to the growth, while industrial performance lessened. Household consumption thrived, supported by real earnings growth, while the growth pace of consumer prices slowed down in the 1st semester of 2024 to 3.7%. Labour market-wise employment rate continued to grow, however unemployment rate increased, too.

The yearbook provides an overview of Hungary's demographic, social and economic processes, environmental characteristics and their changes over time, with the help of tens of thousands of data of 500 tables, graphs and maps. Innovatively, the Tourism, catering chapter in the volume includes the gross receipts of tourist accommodation establishments by type of accommodation. Another change is that this year the Regional data chapter already presents territorial data by tourism area, giving greater emphasis to tourist destinations.

Geopolitical tensions continued to overshadow economic developments in 2023, with the gross domestic product falling by 0.9%. Inflationary pressures gradually eased, but the 17.6% annual increase in consumer prices led to a decline in real earnings and consumption, and negatively affected investment decisions. Despite the economic difficulties, employment has reached a record high. In 2023, the number of deaths and births continued to fall, in addition to the decrease in the number of women of childbearing age.

Construction output in 2023 – reaching HUF 7387 billion at current price - following a two-year long growth, lagged behind the one year earlier level by 5.0% at comparative price. The downturn in production was due to the 5.6% volume decrease in the construction of buildings and the 3.8% fallback in civil engineering works. The volumes of new contracts concluded in 2023 and that of end-of-year stock of contracts both lessened, the former by 11.2%, the latter by 23.5%.