National accounts, GDP

Hungary’s GDP reached HUF 19,626 billion in the 4th quarter of 2023. Financial corporations as well as the sector of households and non-profit institutions serving households (NPISHs) were in a net lending, while the remaining sectors in a net borrowing position in this period. The gross saving rate of households and NPISHs came to 22% and their gross investment rate to 7.6%. The gross profit share of non-financial corporations was 45% and their gross investment rate 31%.

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Hungary’s gross domestic product was unchanged according to raw data and increased by 0.5% according to seasonally and calendar adjusted and reconciled data in the 4th quarter of 2023 compared to the corresponding period of the previous year. Compared to the previous quarter, the economic performance was unchanged, too, according to seasonally and calendar adjusted and reconciled data. In 2023, gross domestic product was 0.9% lower according to raw data and 0.7% lower according to seasonally and calendar adjusted and reconciled data than in the previous year.

Tens of thousands of data of the approximately 500 tables, graphs and maps offer an overview of Hungary’s demographic, social and economic processes, its environmental specifics and their timely changes. Unemployment in the 15–74 age group decreased year-on-year, being 3.6% in 2022. We amass this year commercial, private and other accommodation establishments in one unit, a novelty approach of our publication, providing a better picture about tourist traffic. Tourism nights at accommodation establishments were 39 million 821 thousand in 2022.

Hungary’s gross domestic product (GDP) at current prices was HUF 66 075 billion in 2022, increasing by 4.6 % at constant prices compared to the previous year. The amount of gross domestic product per capita was HUF 6.8 million, EUR 27 thousand calculated at purchasing power standard. The deficit of the general government sector amounted to HUF 4 126 billion in 2022, 6.2% of GDP, according to the preliminary data of the national accounts.

The processes taken place in 2022 were mainly determined by the uncertain global environment due to the Russia-Ukraine war and the general and considerable price increases worldwide. Despite these challenges, the Hungarian economy's performance expanded by 4.6% year-on-year, above the EU average. Employment reached a new record high and average earnings rose significantly, but the impact of this was gradually eroded by surging inflation. Population decline continued at a lower pace than in the previous year.