Investment

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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.

The volume of investments was 16.8% lower according to raw data in the 2nd quarter of 2024 compared to the same period of the previous year. Compared with the previous quarter, on the basis of seasonally adjusted data, the value of investments fell by 7.0% at comparable prices.

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.

The tables and graphs in the latest edition of the Statistical Pocketbook of Hungary provide a comprehensive insight into the evolution of social and economic trends in Hungary in 2023. Its international chapter allows for comparisons of major data primarily on member states of the European Union. The publication amasses, starting this year, commercial, private and other accommodation establishments in one unit.

Hungary’s agriculture contributed to the gross value added of the national economy to a higher extent than the EU average (1.9%), by 5.4% according to preliminary data in 2023. The volume of the total output of agriculture grew by 25% (after the previous year, which was a year of drought). A total of 14.9 million tonnes of cereals, 65% more than in 2022, was harvested on 2.4 million hectares. The producer price of cereals decreased by 39%.