Analysis by Region - Emerging Markets - Hungary

Analysis by Region - Emerging Markets - Hungary



We cut our 2025 GDP growth forecast for Hungary by 1.2ppts to 2.1%, following an estimated 0.7% expansion this year. The downward revision was triggered by a negative surprise in Q3 when GDP contracted for the second consecutive quarter. While we expect growth to pick up in 2026-2027, we consider risks as increasingly skewed to the downside.


Hungary: Technical recession heralds a more backloaded recovery
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Risk warnings
What to watch out for
Exposure to key global risks
Long-term prospects
Background
Economic development
Structure of the economy
Balance of payments and structure of trade
Policy
Politics

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