Hungary’s economic performance grew by 0.5% in 2024 (0.6% adjusted) and reached a total volume of HUF 81,150 billion (EUR 203.3 billion) at current prices, according to data from the Central Statistical Office (KSH).
By the end of the year, economic output was 0.4% higher in unadjusted terms. In seasonally and calendar-adjusted terms, it was 0.1% higher compared to the baseline value at the end of 2023.
In Q4, the industrial, construction, and agricultural sectors negatively impacted GDP, with growth generated solely in the service sector. Industrial output declined by 1.6%, manufacturing by 3.5%, construction by 3.1%, and agriculture suffered a 13.5% drop.
For the full year 2024, agriculture recorded a 10.4% decline due to severe drought. The industrial sector shrank by 3% (with manufacturing down 4.4%), and construction decreased by 0.6%. However, due to its weight in the economy, the trade sector played a crucial role in helping Hungary emerge from recession in Q4.