In 2nd quarter 2024, economic performance 1.5% higher according to raw data than in same period of previous year
The volume of Hungary’s gross domestic product was 1.5% higher according to raw data and 1.3% higher according to seasonally and calendar adjusted and reconciled data in the 2nd quarter of 2024 than in the corresponding period of the previous year. Compared to the previous quarter, the economic performance lessened by 0.2% according to seasonally and calendar adjusted and reconciled data. In the first half of 2024, the performance of the economy was 1.3% higher according to raw data and 1.5% higher according to seasonally and calendar adjusted and reconciled data than in the same period of the previous year.
In 2nd quarter 2024:
The volume of GDP was 1.5% higher according to raw data and 1.3% higher according to seasonally and calendar adjusted and reconciled data than in the same period of the previous year. The volume indices published in the second estimate were unchanged compared to the flash estimate.
Production approach:
Industry reduced its performance by 2.4%, within which manufacturing by 3.7% compared to the same period of the previous year. Among manufacturing branches, the largest contributors to the decrease were the manufacture of electrical equipment and the manufacture of motor vehicles, trailers and semi-trailers, while the manufacture of food products, beverages and tobacco products slowed the fall in industry the most. The value added of construction was 6.2% higher and that of agriculture (as a consequence of the drought) 5.2% lower than in the corresponding period of the previous year.
Volume indices of production of gross domestic product (GDP)
(corresponding period of previous year = 100.0%)
| NACE | Industries | 2023 | 2024 | |||
|---|---|---|---|---|---|---|
| quarter | ||||||
| II | III | IV | I | II | ||
| A | Agriculture, forestry and fishing | 166.5 | 188.4 | 180.9 | 100.4 | 94.8 |
| B–E | Manufacturing, mining and quarrying and other industry | 94.2 | 94.8 | 93.7 | 95.8 | 97.6 |
| C | Of which: manufacturing | 95.7 | 96.0 | 93.7 | 95.2 | 96.3 |
| F | Construction | 93.8 | 98.4 | 92.6 | 103.0 | 106.2 |
| G–T | Services, total, of which: | 97.5 | 97.2 | 99.1 | 102.7 | 102.4 |
| G | Wholesale and retail trade | 88.2 | 88.1 | 91.3 | 97.0 | 102.0 |
| H | Transportation and storage | 94.2 | 92.4 | 95.6 | 104.2 | 103.2 |
| I | Accommodation and food service activities | 90.2 | 100.8 | 103.6 | 105.2 | 107.2 |
| J | Information and communication | 98.9 | 102.4 | 105.2 | 109.8 | 103.3 |
| K | Financial and insurance activities | 100.2 | 98.8 | 100.6 | 101.3 | 102.8 |
| L | Real estate activities | 100.4 | 99.8 | 102.6 | 105.0 | 102.8 |
| M–N | Professional, scientific, technical and administrative activities | 97.1 | 94.0 | 95.5 | 102.7 | 99.6 |
| O | Public administration, defence and compulsory social security | 98.9 | 98.1 | 98.5 | 99.7 | 99.8 |
| P | Education | 98.0 | 100.4 | 102.1 | 106.6 | 103.0 |
| Q | Human health and social work activities | 109.9 | 108.9 | 108.5 | 100.4 | 104.7 |
| R–T | Arts, entertainment, recreation and other service activities | 98.6 | 99.2 | 104.0 | 107.3 | 106.9 |
| GDP, total (at purchasers’ prices) | 97.6 | 99.6 | 100.0 | 101.1 | 101.5 | |
The gross value added of services increased by 2.4% in total. The highest increase (7.2%) occurred in accommodation and food service activities. The value added of arts, recreation and other service activities was up by 6.9%, that of human health and social work activities by 4.7% and the value added of information and communication by 3.3%. The value added of transportation and storage grew by 3.2%, that of education by 3.0%, the value added of financial and insurance activities and that of real estate activities both by 2.8% and the value added of wholesale and retail trade by 2.0%. The performance of public administration lessened by 0.2% and that of professional, scientific, technical and administrative activities by 0.4%.
Positive contributors to the 1.5% increase in gross domestic product in the 2nd quarter of 2024 were services (1.4 percentage points), the balance of taxes and subsidies on products (0.4 percentage point) and construction (0.3 percentage point). Agriculture lowered the performance of the economy by 0.2 percentage point and industry by 0.5 percentage point. Within services, it was real estate activities that contributed the most (by 0.3 percentage point) to the growth of GDP.
Expenditure approach:
The actual final consumption of households was up by 4.0% compared to the same period of the previous year. Household final consumption expenditure, representing the largest proportion of the components of the actual final consumption of households, increased by 4.2%. The (domestic) consumption expenditure of households realised on the territory of Hungary became 4.1% higher. The volume of domestic consumption expenditure rose in all durability groups: by 9.1% in the case of durable goods, by 2.0% for semi-durable goods, by 4.3% in the case of non-durable goods and by 3.6% for services.
The volume of social transfers in kind from the government went up by 3.4%, while that of the actual final consumption of the government diminished by 3.9%. The volume of social transfers in kind from non-profit institutions serving households (NPISHs) grew by 2.5%.
As a result of the above trends, actual final consumption increased by 2.7%.
Gross fixed capital formation fell by 15.4% in the 2nd quarter compared to the corresponding period of the previous year. Both the volume of investments in construction and that of investments in machinery and equipment went down, the volume of the latter measurably. Out of the industries with the highest share of investments, the volume of developments dropped at a higher rate than the average in manufacturing and in the case of transportation and storage and grew for real estate activities.
Gross capital formation decreased by 5.7% compared to the same period of the previous year.
As a result of the trends of consumption and of capital formation, domestic use as a whole rose by 0.7% in the 2nd quarter.
Volume indices of final use of gross domestic product (GDP)
(corresponding period of previous year = 100.0%)
| Items of use | 2023 | 2024 | |||
|---|---|---|---|---|---|
| quarter | |||||
| II | III | IV | I | II | |
| Household final consumption expenditure | 96.6 | 97.7 | 100.3 | 103.6 | 104.2 |
| Social transfers in kind from government | 106.2 | 106.3 | 105.5 | 101.4 | 103.4 |
| Social transfers in kind from NPISHs | 98.4 | 106.5 | 108.8 | 110.1 | 102.5 |
| Actual final consumption of households | 98.1 | 99.3 | 101.4 | 103.4 | 104.0 |
| Actual final consumption of government | 100.8 | 104.4 | 94.9 | 97.3 | 96.1 |
| Actual final consumption, total | 98.5 | 100.1 | 100.3 | 102.4 | 102.7 |
| Gross fixed capital formation | 89.3 | 89.3 | 97.2 | 93.1 | 84.6 |
| Changes in inventoriesa) | x | x | x | x | x |
| Acquisitions less disposals of valuablesa) | x | x | x | x | x |
| Gross capital formation, total | 77.5 | 84.7 | 86.8 | 78.2 | 94.3 |
| Domestic use, total | 91.6 | 95.0 | 95.9 | 97.1 | 100.7 |
| Exports, of which: | 102.1 | 98.2 | 95.9 | 94.7 | 98.2 |
| Exports of goods | 103.3 | 97.0 | 95.8 | 93.8 | 96.7 |
| Exports of services | 97.5 | 103.3 | 96.3 | 99.2 | 104.6 |
| Imports, of which: | 95.3 | 93.2 | 91.6 | 90.8 | 96.8 |
| Imports of goods | 95.3 | 92.0 | 91.6 | 89.2 | 95.1 |
| Imports of services | 95.1 | 101.0 | 92.7 | 101.5 | 106.5 |
| External balance of goods and servicesa) | x | x | x | x | x |
| Gross domestic product (GDP), total | 97.6 | 99.6 | 100.0 | 101.1 | 101.5 |
a) For these items, the volume index is not applicable.
In the external trade of the economy, a surplus of 1,640 billion forints was generated at current prices. The volume of imports went down at a higher rate (3.2%) than that of exports (1.8%). In trade in goods, accounting for 80% of external trade, imports became 4.9% and exports 3.3% lower. Within the external trade of the economy, the exports of services (including tourism) increased by 4.6% and their imports at a higher rate, by 6.5% compared to the same period of the previous year.
Actual final consumption contributed by 1.9 percentage points to the 1.5% increase in gross domestic product in the 2nd quarter of 2024, while gross capital formation slowed it by 1.4 percentage points. The balance of external trade as a whole raised the economic performance by 1.0 percentage point.
In 2nd quarter 2024 compared to previous quarter, according to seasonally and calendar adjusted and reconciled data:
The performance of the economy lessened by 0.2%.
From the production approach, the performance of construction went up by 2.5% and that of services remained unchanged. The performance of industry decreased by 1.5% and that of agriculture by 5.0%.
From the expenditure approach, the volume of household final consumption expenditure became 1.1% and that of social transfers in kind from the government 1.0% higher and the volume of the actual final consumption of the government 0.5% lower out of the components of actual final consumption. Gross fixed capital formation fell by 6.7%. In external trade, the volumes of exports and imports as a whole increased (by 0.7% and 0.5%, respectively).