Hungary’s GDP increased marginally in the fourth quarter of 2024

Hungary‘s GDP reported a 0.4% increase in the fourth quarter of last year, according to raw data, and a 0.1% increase based on seasonally and calendar adjusted and reconciled data.

According to KSH, the Hungarian statistics office, on a quarter-on-quarter basis, economic performance grew by 0.5% based on seasonally and calendar adjusted data.

Over the course of the full year, meanwhile, GDP in Hungary rose by 0.5% based on raw data and by 0.6% according to seasonally and calendar adjusted and reconciled data.

Fourth-quarter data

The fourth quarter of 2024 saw the industrial sector see a decline of 1.6%, with manufacturing falling by 3.5% compared to the same period a year earlier.

Segments to see a decrease in the industrial sector included the production of motor vehicles, trailers, semi-trailers, and electrical equipment, while the manufacture of computer, electronic and optical products, and refined petroleum products increased, according to the data.

The construction sector reported a decline of 3.1%, while service saw a 2.1% increase in total value added, driven primarily by an increase (of 6.4%) in accommodation and food services.

The financial services and professional and scientific activities sectors both saw an increase of 2.9%, while the performance of the retail and wholesale trade was up by 2.8%.

Elsewhere, human health and social work activities rose by 2.7%, information and communication rose by 2.5%, transportation and storage was up 1.4%, education saw a 1.2% increase, public administration was up by 1.1%, and the performance of real estate activities saw a marginal (0.1%) increase.

External trade

In terms of external trade, Hungary recorded a surplus of HUF 786 billion (€1.96 billion), with exports decreasing by 2.0%, and imports falling by 1.3%, KSH’s data showed.

Exports of goods dropped by 3.3%, while service exports, including tourism, rose by 2.3%. Read more here.