Hungarian GDP Expands As Estimated In Q4

(RTTNews) - Hungary's economy rebounded as initially estimated in the final quarter of 2024, the latest data from the Hungarian Central Statistical Office showed on Tuesday.

On an unadjusted basis, gross domestic product advanced 0.4 percent in the fourth quarter from last year, reversing a 0.8 percent fall in the third quarter. That was in line with the flash data published on January 30.

The expenditure breakdown showed that household final consumption expenditure grew 5.4 percent, and government expenditure rose by 6.2 percent.

Meanwhile, gross fixed capital formation declined 10.8 percent as both the volume of investments in construction and that of investments in machinery and equipment went down. Exports fell 2.0 percent, and imports were 1.3 percent lower.

On the production side, the gross value added of services grew 2.1 percent in total, with the highest increase occurring in accommodation and food service activities. On the other hand, industry reduced its performance by 1.6 percent.

The value added of construction was 3.1 percent, and that of agriculture was 13.5 percent lower than in the corresponding period of the previous year, the agency said.

On an adjusted basis, GDP rebounded 0.1 percent in the fourth quarter versus a 0.7 percent decrease in the previous quarter. In the flash report, the rate of increase was 0.2 percent.

Compared to the previous quarter, the Hungarian economy recovered 0.5 percent after a 0.6 percent contraction in the third quarter, as estimated.

In 2024, the performance of the economy was 0.5 percent higher compared to 2023, confirming the initial estimate.