National accounts, GDP

It is exceptionally important to us to provide more up-to-date information on the social and economic developments in our country, in addition to our regular and detailed publications.
Our WEEKLY MONITOR provides insights into trends in key areas through weekly, monthly and quarterly data from our interactive chart collection.
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The volume of gross domestic product increased by 0.4% in Hungary in the 4th quarter of 2022 compared to the corresponding period of the previous year. According to seasonally and calendar adjusted and reconciled data, the performance of the economy rose by 0.8% compared to the same period of the previous year and decreased by 0.4% compared to the previous quarter. The performance of the economy – according to both raw and seasonally and calendar adjusted and reconciled data – was 4.6% higher in 2022 than in the previous year.

Despite global challenges, the economic performance of the European Union increased in the 3rd quarter of 2022, too, the volume of its GDP was 2.5% higher than one year earlier. The growth rate considerably slowed down in most member states compared to previous quarters. Hungary’s economic performance grew at a rate well above the EU average this time again, while there was still a rather moderate increase in Germany, considered as the most substantial external economic partner of Hungary.

The economic performance of Hungary surpassed in the 1st–3rd quarters of 2022 the one year earlier level by 6.1%. Consumer prices year-on-year increase in the first ten months was 12.7%, producer prices, characteristically, grew in a much faster pace. Compared to the high base caused by the pandemic, the number of deaths decreased by 9.3%, the natural decrease of the population in January–September 2022 amounted to 35 thousand people, 17% fewer year-on-year.

Although the Covid-19 pandemic and the subsequent economic recovery had differing impacts on the different regions in Hungary, they did not redraw the long-existing differences in the state of development. In 2021, GDP per capita continued to be over twice as high in Budapest as and less than the half in Nógrád County of the national average of 5.7 million forints. GDP per capita, as a proportion of the average, rose the most significantly in Fejér County and decreased the most in Győr-Moson-Sopron County compared to a year earlier.

The approximately 500 tables, graphs and maps and tens of thousands of data the Statistical Yearbook of Hungary contains give, for almost one and a half century, an overview of the social and economic processes of the country in the given year. Besides paying attention to the ever changing socio-economic environment and user demands we always strive to share new information: the health chapter broadened this year with indices regarding outpatient care, time series of healthcare expenses, life expectancy in good health and the number of Covid19 infected people.

The approximately 500 tables, graphs and maps and tens of thousands of data the Statistical Yearbook of Hungary contains give, for almost one and a half century, an overview of the social and economic processes of the country in the given year. Besides paying attention to the ever changing socio-economic environment and user demands we always strive to share new information: the health chapter broadened this year with indices regarding outpatient care, time series of healthcare expenses, life expectancy in good health and the number of Covid19 infected people.

In 2021, Hungary’s gross domestic product (GDP) at current prices was HUF 55 thousand billion, up 7.1 % on the previous year at constant prices. The amount of gross domestic product per capita was HUF 5.7 million, or EUR 24 thousand at purchasing power standard. The deficit of the general government sector amounted to HUF 3.9 thousand billion, or 7.1% of GDP.

Hungary's GDP amounted to HUF 17,579 billion in the 3rd quarter of 2022. Solely financial corporations were in a net lending position, the other sectors were net borrowers in that quarter. The saving rate of households and non-profit institutions serving households (NPISHs) reached 3.8%. Similarly to earlier quarters, the gross fixed capital formation rate of the total economy remained at a high level (33%).

Our publication, also highlighting the main effects of the pandemic, gives an overview of the social and economic trends in Hungary in 2020, including a 5% drop in GDP, putting us in the middle of the EU ranking, taking into use 28,000 new homes, the highest number since 2009, a nearly threefold increase in the share of people working remotely or from home as compared to the average for the past 10 years, a 42% increase in the value of mail order and internet retailing, and fewer accidents on the roads.