On an annual basis, Hungarian GDP stagnated in the first quarter of 2025 according to raw data, the National Bank of Hungary (MNB) says in its quarterly report published this Wednesday.
From the monthly indicators, industrial production stagnated, construction output declined by 3.4% and retail sales rose by 0.4% on an annual basis in March. With subdued domestic demand, the balance of external trade in goods showed a surplus of EUR 1.8 billion. The number of employed persons aged 15-74 averaged 4,692,000 between January and March 2025, which is 5,000 higher than the previous period in seasonally adjusted terms. The unemployment rate stood at 4.3% between January and March.
According to preliminary data by the Hungarian Statistical Office, in 2025 Q1, Hungarian GDP stagnated as compared to the previous year, the MNB reports notes.Based on balanced data adjusted for seasonal and calendar effects used for international comparison, domestic economic performance declined by 0.4 percent year-on-year, which is a decrease of 0.2% compared to the previous quarter. Hungarian Statistical Office data show that services had a positive impact on the change in GDP, but compared to previous quarters, the growth rate slowed down in many sectors. Industry and construction dampened the growth of GDP.
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