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Economy of Hungary - statistics & facts

The Hungarian governing party, Fidesz-KDNP, was elected for the first time amidst a difficult economic situation following the 2008 crisis when significant actions were needed to control government finances. Hungary showed progress in achieving a high economic development and improving living standards over the second half of the 2010s, recording increasing gross domestic product (GDP) figures, declining unemployment rates, and positive values in terms of real wage development.

Economic development

In 2021, Hungary’s GDP amounted to approximately 182 billion U.S. dollars. It is expected to reach over 263 billion by 2026. Recovering swiftly from a drop of over 13 percent in the second quarter of 2020, the growth rate of GDP totaled 6.5 percent in the second quarter of 2022. In the last decade, the service sector accounted for the highest share of GDP, with the travel industry being one of its main drivers. Despite the difficulties faced due to the coronavirus (COVID-19) pandemic and rising energy costs, the tourism industry is forecast to reach a nearly nine percent share in GDP by 2028.

Inflation

As rising prices become a global phenomenon, Hungary joins the group of countries recording peaking inflation rates. As of December 2022, consumer prices increased by 24.5 percent year-over-year, with food products highest rates at nearly 50 percent. To alleviate inflation, the Hungarian government imposed price caps on a variety of consumer products in, ranging from sugar to gasoline. However, the fuel price cap was abolished in December 2022 due to soaring supply shortage. Despite the government’s measures, consumer prices recorded the highest increase over the past ten years. This prompted the Monetary Council of the Hungarian National Bank to tighten its policy and continue raising its interest rates.

External trade

Hungary has been a member of the Organisation for Economic Co-operation and Development (OECD) since 1996 and the European Union (EU) since 2004. By the 2010s, Germany had become the country’s most important trading partner, accounting for almost 32 billion euros worth of product exports in 2021. Hungary has an open, export-orientated economy that has recorded a positive trade balance both in the case of goods and of services between 2011 and 2020, however, 2021 recorded negative values in terms of goods. The country’s most important export products consist mainly of vehicles and goods related to the electrical machinery industry. When it comes to the export of services, business services account for nearly half of the total export value; transport services also occupy a considerable share.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Flora Medve, Feb 17, 2023

Key insights

GDP of Hungary
182.28bn USD
Annual inflation rate in Hungary
5.1%
Annual GNI in Hungary
172bn USD
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Editor’s Picks Current statistics on this topic

Hungary: Gross domestic product (GDP) in current prices from 1987 to 2027 (in billion U.S. dollars)

Hungary

Gross domestic product (GDP) in Hungary 2027

Inflation rate in Hungary from 2010 to 2021

Key Economic Indicators

Inflation rate in Hungary 2010-2021

Hungary: Share of economic sectors in gross domestic product (GDP) from 2011 to 2021

Hungary

Share of economic sectors in GDP in Hungary 2021

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