Discussion papers

No. 26, László Antal, Tamás Tétényi (1994): The development of the Hungarian banking system

No. 24, András Köves, Gábor Oblath (1994): The regional role of the former Soviet Union and the CMEA: a net assesment

No. 23, Erzsébet Gém (1994): The main features of the present Hungarian tax system

No. 22, László Csaba (1994): Hungary and the IMF: the experience of a cordial discord

No. 21, Gulshan Sachdeva (1994): Privatization: an interpretative endeavor

No. 20, Ágnes Csermely (1993): The impact of exchange rate policy on the development of industrial competitiveness

No. 19, Péter Vince (1993): Stages of state involvement: dilemmas and turningpoints for privatization in Hungary

Pages: 1 2 3 4

	2025 Fact	2026 Forecast	2027 Forecast
GDP	0.5%	2.0%	2.5%
Gross Fixed Capital Formation	-2.8%	4.7%	5.5%
Industrial Production	-3.2%	1.3%	3.0%
Gross Salaries	9.0%	9.2%	7.0%
Unemployment Rate*	4.4%	4.8%	4.5%
Current+Capital Account**	2.1%	1.5%	1.0%
General Government**	-4.7%	-6.0%	-4.8%
Consumer Price Index*	4.4%	3.1%	3.7%
MNB Base Rate***	6.5%	5.5%	4.5%
10-Year Yield***	6.79%	7.3%	6.8%

*annual average **in % of GDP ***at year-end

02.06.2026. GDP: strong consumption growth, further deterioration in external position

According to the second estimate, both unadjusted and seasonally and calendar-adjusted GDP growth rates accelerated to 1.7% in the first quarter of 2026. Against the previous quarter, the GDP was up 0.8%.
Private consumption accelerated markedly, with household consumption expenditures expanding by 5.5%. Due to this, and the extreme growth contribution from the changes in inventories, final domestic use grew by 6.6%. At the same time, the negative contribution by net export to GDP growth reached a level not seen in many years. On the production side, the main driver of the acceleration in GDP growth was the increase in the growth rate of services to above 2%.
GDP may grow by 2% in 2026, assuming a favorable scenario.

30.04.2026. GDP growth gained momentum in Q1

According to the first estimate, both unadjusted GDP and seasonally and calendar-adjusted GDP was up 1.7% in the first quarter of 2025. Compared with the previous quarter, GDP grew by 0.8%. The overall growth performance in the first quarter exceeded expectations by a significant margin.
On the production side, services are still the main drivers of economic growth, but this quarter also saw a positive contribution from industry. On the expenditure side, private consumption certainly remained the primary growth factor. At the same time, net export probably weighed on growth even more than before.
For the year as a whole, Kopint-Tárki expects GDP to expand at a modest rate of 2%. However, shocks generated by the Iran war may override the baseline growth scenario.

30.01.2026. GDP grew only at a symbolic pace again in Q4

According to the first estimate, GDP grew by an unadjusted rate of 0.7% and a seasonally and calendar-adjusted rate of 0.5% in the last quarter of 2025. Compared with the previous quarter, GDP was up 0.2% after stagnating in Q3. On average, the unadjusted GDP climbed 0.4% in 2025, while the seasonally and calendar-adjusted GDP was up 0.3% over the previous year.
On the production side, services remained the main drivers of economic growth while construction also supported economic expansion to a degree. Industrial production continued to weigh on GDP growth. Services growth may have noticeably accelerated. On the expenditure side, private consumption may have gained momentum but also net export probably dragged down growth more severely than before.
As for this year, Kopint-Tárki expects GDP to expand at a modest rate of 2%.

More than five decades in economic research. Balanced, independent and objective analysis and forecasts