In 4th quarter 2024, economic performance increases by 0.4% compared to same period of previous year1
The volume of Hungary’s gross domestic product (GDP) was 0.4% higher according to raw data and 0.1% higher according to seasonally and calendar adjusted and reconciled data in the 4th quarter of 2024 than in the corresponding period of the previous year. Compared to the previous quarter, the economic performance grew by 0.5% according to seasonally and calendar adjusted and reconciled data. In 2024, the performance of the economy was 0.5% higher according to raw data and 0.6% higher according to seasonally and calendar adjusted and reconciled data than in the previous year.
In 4th quarter 2024:
The volume of GDP was 0.4% higher according to raw data and 0.1% higher according to seasonally and calendar adjusted and reconciled data than in the same period of the previous year. The raw volume index in the second estimate was unchanged, while the seasonally and calendar adjusted and reconciled index became 0.1 percentage point lower compared to the flash estimate.
Production approach:
Industry reduced its performance by 1.6%, within which manufacturing by 3.5% compared to the same period of the previous year. Among manufacturing branches, the largest contributors to the decrease were the manufacture of motor vehicles, trailers and semi-trailers and the manufacture of electrical equipment, while the manufacture of computer, electronic and optical products and the manufacture of coke and refined petroleum products slowed the fall in industry the most. The value added of construction was 3.1% and that of agriculture 13.5% 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(s) | ||||||||
| IV | I–IV | I | II | III | IV | I–IV | ||
| A | Agriculture, forestry and fishing | 145.8 | 136.9 | 100.2 | 93.0 | 84.9 | 86.5 | 89.6 |
| B–E | Manufacturing, mining and quarrying and other industry | 93.6 | 95.7 | 96.0 | 97.6 | 95.9 | 98.4 | 97.0 |
| C | Of which: manufacturing | 93.3 | 96.3 | 94.6 | 97.0 | 94.1 | 96.5 | 95.6 |
| F | Construction | 92.8 | 91.7 | 102.6 | 105.0 | 96.5 | 96.9 | 99.4 |
| G–T | Services, total, of which: | 100.4 | 99.5 | 102.3 | 102.2 | 101.7 | 102.1 | 102.1 |
| G | Wholesale and retail trade | 97.1 | 95.7 | 96.5 | 103.1 | 100.7 | 102.8 | 101.1 |
| H | Transportation and storage | 97.9 | 96.1 | 103.9 | 102.1 | 102.2 | 101.4 | 102.3 |
| I | Accommodation and food service activities | 101.8 | 98.5 | 105.5 | 107.9 | 102.4 | 106.4 | 105.3 |
| J | Information and communication | 109.7 | 105.9 | 109.5 | 103.3 | 102.6 | 102.5 | 104.3 |
| K | Financial and insurance activities | 97.6 | 97.4 | 100.5 | 102.1 | 102.5 | 102.9 | 102.0 |
| L | Real estate activities | 105.8 | 105.3 | 104.0 | 101.4 | 100.6 | 100.1 | 101.4 |
| M–N | Professional, scientific, technical and administrative activities | 100.5 | 101.2 | 101.9 | 101.3 | 101.5 | 102.9 | 101.9 |
| O | Public administration, defence and compulsory social security | 93.3 | 93.3 | 99.5 | 100.6 | 100.3 | 101.1 | 100.4 |
| P | Education | 101.2 | 100.2 | 105.4 | 101.4 | 103.8 | 101.2 | 102.9 |
| Q | Human health and social work activities | 106.0 | 103.4 | 102.8 | 103.9 | 101.7 | 102.7 | 102.8 |
| R–T | Arts, entertainment, recreation and other service activities | 94.5 | 93.0 | 102.4 | 103.5 | 106.0 | 104.4 | 104.2 |
| GDP, total (at purchasers’ prices) | 100.1 | 99.1 | 101.1 | 101.5 | 99.2 | 100.4 | 100.5 | |
The gross value added of services increased by 2.1% in total. The highest increase (6.4%) occurred in accommodation and food service activities. The value added of arts, recreation and other service activities was up by 4.4% and those of financial and insurance activities and of professional, scientific, technical and administrative activities both by 2.9%. The performance of wholesale and retail trade increased by 2.8% and that of human health and social work activities by 2.7%. The value added of information and communication grew by 2.5% and that of transportation and storage by 1.4%. The performance of education became 1.2%, that of public administration 1.1% and the performance of real estate activities 0.1% larger.
The 0.4% increase in gross domestic product in the 4th quarter of 2024 was due to the growth in services (by 1.3 percentage points). Within services, wholesale and retail trade as well as professional, scientific, technical and administrative activities had the largest contribution to the increase in GDP. The performance of industry and agriculture lowered the performance of the economy by 0.4 percentage point each and that of construction did so by 0.2 percentage point. The balance of taxes and subsidies on products did not affect the performance of the economy significantly.
Expenditure approach:
The actual final consumption of households rose by 4.3% 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, was up by 5.4%. The (domestic) consumption expenditure of households realised on the territory of Hungary became 4.8% higher. The volume of domestic consumption expenditure increased in all durability groups: by 12.0% in the case of durable goods, by 1.8% for semi-durable goods, by 4.4% in the case of non-durable goods and by 4.6% for services.
The volume of social transfers in kind from the government went down by 1.1% and that of the actual final consumption of the government by 6.2%. The volume of social transfers in kind from non-profit institutions serving households (NPISHs) grew by 1.1%.
As a result of the above trends, actual final consumption increased by 2.6%.
Gross fixed capital formation fell by 10.8% in the 4th 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.
Gross capital formation decreased by 2.2% 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 grew by 1.2% in the 4th quarter.
Volume indices of final use of gross domestic product (GDP)
(corresponding period of previous year = 100.0%)
| Items of use | 2023 | 2024 | |||||
|---|---|---|---|---|---|---|---|
| quarter(s) | |||||||
| IV | I–IV | I | II | III | IV | I–IV | |
| Household final consumption expenditure | 102.2 | 98.1 | 104.4 | 105.0 | 105.2 | 105.4 | 105.0 |
| Social transfers in kind from government | 104.7 | 103.3 | 101.1 | 99.9 | 100.8 | 98.9 | 100.2 |
| Social transfers in kind from NPISHs | 115.8 | 109.3 | 110.1 | 108.3 | 101.2 | 101.1 | 104.9 |
| Actual final consumption of households | 103.1 | 99.3 | 104.1 | 104.3 | 104.3 | 104.3 | 104.3 |
| Actual final consumption of government | 103.3 | 103.9 | 91.8 | 92.4 | 98.6 | 93.8 | 94.2 |
| Actual final consumption, total | 103.2 | 100.0 | 102.1 | 102.4 | 103.3 | 102.6 | 102.6 |
| Gross fixed capital formation | 96.8 | 92.2 | 93.0 | 86.5 | 87.3 | 89.2 | 88.7 |
| Changes in inventoriesa) | x | x | x | x | x | x | x |
| Acquisitions less disposals of valuablesa) | x | x | x | x | x | x | x |
| Gross capital formation, total | 80.8 | 82.9 | 81.4 | 98.0 | 95.8 | 97.8 | 93.9 |
| Domestic use, total | 95.6 | 94.4 | 97.6 | 101.5 | 100.6 | 101.2 | 100.3 |
| Exports, of which: | 96.1 | 101.5 | 94.9 | 97.8 | 98.2 | 98.0 | 97.2 |
| Exports of goods | 95.4 | 101.4 | 93.1 | 95.8 | 96.1 | 96.7 | 95.4 |
| Exports of services | 99.2 | 102.0 | 103.7 | 106.2 | 104.9 | 102.3 | 104.3 |
| Imports, of which: | 91.3 | 96.2 | 91.8 | 97.2 | 99.6 | 98.7 | 96.7 |
| Imports of goods | 92.0 | 95.6 | 89.1 | 94.7 | 98.3 | 97.7 | 94.8 |
| Imports of services | 89.4 | 99.9 | 108.6 | 111.7 | 105.5 | 103.3 | 107.1 |
| External balance of goods and servicesa) | x | x | x | x | x | x | x |
| Gross domestic product (GDP), total | 100.1 | 99.1 | 101.1 | 101.5 | 99.2 | 100.4 | 100.5 |
a) For these items, the volume index is not interpretable.
In the external trade of the economy, a surplus of 786 billion forints was generated at current prices. The volume of exports went down at a higher rate (2.0%) than that of imports (1.3%). In trade in goods, accounting for almost 80% of external trade, exports became 3.3% and imports 2.3% lower. Within the external trade of the economy, the exports of services (including tourism) increased by 2.3% and their imports by 3.3% compared to the same period of the previous year.
Actual final consumption contributed by 1.8 percentage points to the 0.4% increase in gross domestic product in the 4th quarter of 2024, while gross capital formation slowed it by 0.9 percentage point. The balance of external trade as a whole restrained the economic performance by 0.5 percentage point.
In 4th quarter 2024 compared to previous quarter, according to seasonally and calendar adjusted and reconciled data:
The performance of the economy increased by 0.5%.
From the production approach, the performance of both agriculture and services went up by 1.0% and that of construction by 0.4%. The performance of industry diminished by 1.2%.
From the expenditure approach, the volume of household final consumption expenditure became 1.6% higher, while that of social transfers in kind from the government and that of the actual final consumption of the government decreased by 0.1% and 1.2%, respectively, out of the components of actual final consumption. Gross fixed capital formation fell by 1.6%. In external trade, the volumes of imports and exports as a whole became lower (by 2.6% and 1.9%, respectively).
In 2024 compared to previous year:
According to the first estimation, the value of GDP was 81,148 billion forints at current prices, its volume increasing by 0.5%. According to calendar adjusted data, the performance of the economy was up by 0.6% compared to the previous year.
From the production approach, the value added of services increased by 2.1%, while that of construction became 0.6%, the value added of industry 3.0% and that of agriculture 10.4% lower.
The performance of services increased the volume of GDP by 1.1 percentage points, that of construction did not affect it significantly and the performance of agriculture lowered it by 0.3 percentage point and that of industry by 0.6 percentage point.
From the expenditure approach, the actual final consumption of households grew by 4.3% and the actual final consumption of the government decreased by 5.8%, and as a total result of these, the volume of actual final consumption went up by 2.6%. Gross capital formation declined by 6.1%, within which gross fixed capital formation by 11.3%. The volume of exports went down by 2.8% and that of imports by 3.3%.
From the expenditure approach, actual final consumption contributed by 1.8 percentage points and the balance of external trade as a whole by 0.2 percentage point to the 0.5% rise in gross domestic product, while gross capital formation slowed the economic performance by 1.5 percentage points.
The volume of domestic consumption expenditure grew by 4.6%. If grouped by durability, the volume increased in all groups: by 7.4% for durable goods, by 3.2% in the case of semi-durable goods, by 4.3% for non-durable goods and by 4.7% among services.