Hungarian economic output up by 7.1% in 2021

According to the Hungarian Central Statistical Office (KSH), market services were the main contributor to Q4 growth. Q4 annual growth rate in the European Union was 4.8% and the quarter-on-quarter rate was 0.4%, while in the euro area these two rates were 4.6% and 0.3%, respectively. Among the 20 Member States reporting data, Hungary had the highest quarterly growth rate, followed by Spain with 2.0% and Poland with 1.7%. By contrast, the Austrian economic output contracted by 2.2% on a quarter-on-quarter basis.

Mar 17, 2022

On an annual basis, the highest growth rate was registered in the Polish economy (7.7%), followed by Hungary and Italy (6.4%). The lowest growth rates were in Slovakia (1.1%) and Germany (1.4%).

Inflation was worse than expected in January, rising to 7.9% from 7.4% in December. The average price increase accelerated to 10.1% for food, 5.2% for services, 4.0% for clothing and 7.9% for consumer durables. The price increase for spirits and tobacco slowed to 7.7%, while that for other goods and fuels slowed to 11.3%, while the increase for household energy stagnated at 1.2%.

The full report can be downloaded here ->

Hungarian economic output up by 7.1% in 2021

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