National accounts, GDP

The volume of Hungary’s gross domestic product was 0.8% lower according to raw data and 0.7% lower according to seasonally and calendar adjusted and reconciled data in the 3rd quarter of 2024 than the value in the corresponding period of the previous year. Compared to the previous quarter, the economic performance decreased by 0.7% according to seasonally and calendar adjusted and reconciled data. In the first three quarters, the performance of the economy was 0.6% higher according to raw data and 0.7% higher according to seasonally and calendar adjusted and reconciled data than in the same period of the previous year.

Hungary’s GDP reached HUF 20,373 billion in the 2nd quarter of 2024. Financial corporations as well as the sector made up by households and non-profit institutions serving households (NPISHs) were in a net lending, while non-financial corporations and the general government sector in a net borrowing position in this period. The gross saving rate of households and NPISHs came to 25% and their gross investment rate to 6.7%. The gross profit share of non-financial corporations was 41% and their gross investment rate 29%.

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Hungary’s gross domestic product (GDP) was HUF 75,087 billion in 2023, its volume being 0.9% lower than a year earlier. The amount of gross domestic product per capita amounted to HUF 7.8 million. The deficit of the general government sector was HUF 5,035.1 billion in 2023, which corresponded to 6.7% of GDP. Our publication contains, in addition to preliminary data for 2023, data revised for earlier years as a result of international and domestic methodological changes and of newly used data sources.

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.