Hongria: Visió econòmica i política
GDP is projected to grow by 1.8% in 2026 and 2.1% in 2027, supported by domestic demand and a recovery in exports. Consumption grew steadily due to a resilient labour market, high wage increases, and monetary policy accommodation. However, investment remained weak amid postponed public projects and declining business sentiment. Exports were hampered by subdued demand from trading partners, particularly for machinery and transport equipment. For 2025 as a whole, growth came in at 0.5% according to the EU Commission (0.3% on the HCSO's adjusted data), with a projection of 1.8% in 2026 and 2.1% in 2027, driven by strong consumption supported by real income growth and a declining household saving rate. Investment growth may face challenges due to uncertainties in the automotive sector. Exports are expected to rise gradually, boosted by foreign investment in manufacturing, while recovering domestic demand is likely to increase imports and narrow the current account surplus.
Hungary's budget deficit fell from 5.4% of GDP in 2024 to 4.7% in 2025, driven by reduced utility subsidies, postponed public investments, and a moderate tax revenue rebound. The net cost of energy price mitigation dropped from 1.6% to 0.9% of GDP. The deficit is expected to widen again to 6.2% in 2026 and to stand at 5.8% in 2027. Fiscal policy is projected to be expansionary, with subdued primary expenditure growth and declining interest costs. Capital spending is set to rise gradually, while the phasing out of windfall taxes may reduce revenue by 0.6 pps. of GDP in 2025. Hungary's debt-to-GDP ratio reached 74.6% in 2025, driven by a persistently high budget deficit. It is expected to rise to 75.1% in 2026 and 76.8% in 2027, as elevated deficits outweigh nominal GDP growth. HICP inflation fell from 17.0% in 2023 to 3.7% in 2024, before edging back up to 4.4% in 2025, as the effects of previous energy and food price hikes and supply chain issues eased. However, inflation excluding energy and food remained high at 5.6%, driven by past inflation impacts on services, strong wage growth, rising consumer demand, and currency depreciation. Underlying inflation is expected to gradually slow as commodity prices and wage growth decrease. HICP inflation is forecast to decline from 4.4% in 2025 to 3.2% in 2026 and 3.1% in 2027 (data EU Commission).
The unemployment rate rose to 4.4% in 2024, up from 4.1% the previous year (IMF). As the economy recovers, labour demand is expected to rise, leading to a gradual decline in the unemployment rate. While the labour market will tighten, nominal wage growth is projected to ease in 2026 and 2027 as the impact of past minimum wage increases fades. Overall, GDP per capita (PPP) in Hungary was estimated at USD 49,838 in 2025, still below the EU average (USD 65,503 – World Bank), while 19.5% of the population was at risk of poverty or social exclusion as of 2025 (Eurostat, latest data available).
| Main Indicators | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) |
| GDP (billions USD) | 246.89 | 271.12 | 284.46 | 298.26 | 313.46 |
| GDP (Constant Prices, Annual % Change) | 0.4 | 1.7 | 2.0 | 2.3 | 2.5 |
| GDP per Capita (USD) | 25,826 | 28,430 | 29,902 | 31,432 | 33,114 |
| General Government Balance (in % of GDP) | -4.7 | -5.5 | -5.7 | -5.8 | -5.7 |
| General Government Gross Debt (in % of GDP) | 75.2 | 77.9 | 80.3 | 82.8 | 85.0 |
| Inflation Rate (%) | 4.4 | 3.8 | 3.5 | 3.1 | 3.0 |
| Unemployment Rate (% of the Labour Force) | 4.3 | 4.2 | 4.0 | 3.9 | 3.8 |
| Current Account (billions USD) | 3.17 | -1.16 | 1.17 | 1.99 | 3.15 |
| Current Account (in % of GDP) | 1.3 | -0.4 | 0.4 | 0.7 | 1.0 |
Source: IMF – World Economic Outlook Database, Latest data available
The agricultural sector, which used to be the dominant force in the Hungarian economy for many years, now represents 2.5% of the GDP and employs 6% of the working population (World Bank, latest data available). The country has an agricultural area of 5,278k ha, around 56.7% of its territory (FAO). Cereals, fruits, maize, vegetables and wine are the main crops. More specifically, major crops include wheat (1 million ha), corn (1 million ha), and oilseeds (1 million ha) - mostly sunflower and rapeseed (0.9 million ha). According to the first 2024 estimates from the Hungarian Statistical Office, the total output of agriculture exceeded BGN 4 thousand billion, 8% lower than the previous year. This decline was due to a 4.4% decrease in production volume and a 3.8% drop in price levels. Crop production was 11% lower and livestock production 4.9% higher than in 2023.
Industry accounts for 22.7% of the country's GDP and employs 30% of the working population. Hungarian industry is very open to foreign investment, with manufacturing almost consistently ranking top receiver of foreign direct investment. The automotive and electronics sectors are the two main industrial sectors, and the manufacturing sector alone accounts for around 17% of the country’s GDP. The electronics industry is one of the largest industrial sectors in Hungary, accounting for one-fifth of total manufacturing production. According to the latest figures by the Hungarian Central Statistical Office, in 2025 the volume of industrial production was 3.2% below the 2024 level, though it rose by 4.7% year-on-year in July 2026.
The services sector contributes 62.5% of GDP and employs almost 65% of the labour force. Trade, tourism and finance account for the largest share of activity and employment within the tertiary sector. In recent years the added value produced by the ICT sector increased by more than one-fifth, to USD 20 billion, with the digital economy currently making up more than 20% of Hungary's overall gross value added. In 2025, compared to the previous year and adjusted for calendar effects, the volume of retail trade increased by 2.9%. Sales grew by 2.5% in specialized and non-specialized food shops, 4.1% in non-food retail trade, while automotive fuel retail trade rose by 1.0% (data HSO). Concerning the tourism sector, in 2025, there were 5.1% more tourism nights at tourist accommodation establishments than in the previous year (47.2 million tourism nights). The banking sector consists of 39 institutions: 17 commercial banks, 11 specialised credit institutions (mortgage banks, building societies, development and trade finance banks), 9 foreign bank branches and 2 guarantee institutions (European Banking Federation).
| Breakdown of Economic Activity By Sector | Agriculture | Industry | Services |
| Employment By Sector (in % of Total Employment) | 4.1 | 30.5 | 65.4 |
| Value Added (in % of GDP) | 2.7 | 23.0 | 60.1 |
| Value Added (Annual % Change) | -4.3 | -1.4 | 1.4 |
Source: World Bank, Latest Available Data. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: October 2026
