Hungary's GDP Grows by 4.6% in 2022

Figures

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Hungary's GDP grew by 4.6% in 2022, but the country's economic performance in Q4 was actually lower than in Q3, according to data published by the Central Statistical Office (KSH).

Hungary’s gross domestic product increased by 0.4% according to raw data and by 0.9% according to seasonally and calendar-adjusted and reconciled data in the last quarter of 2022 compared to the corresponding period of the previous year.

There were significant growths compared to a year earlier especially in the manufacture of motor vehicles, trailers, and semi-trailers, as well as that of electrical equipment within industry and mostly in real estate activities as well as transportation and storage among market services. A considerable downturn in agriculture slowed the increase.

However, compared to the previous quarter, the economic performance diminished by 0.4% according to seasonally and calendar-adjusted and reconciled data.

Hungary's GDP grew by 4.6% in 2022, after a 7.1% growth in 2021.

The European Commission raised its projection for Hungary's 2023 GDP growth to 0.6% in a winter forecast released yesterday.

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