Key Economic Insights: The economy of Hungary generates an estimated GDP of $246.49 billion ($25,907 per capita) supporting a population of 9,514,251. Key merchandise exports include cars, vehicle parts/accessories, electric batteries, packaged medicine, and computers, directed primarily toward Germany (24%), Italy (6%), Romania (5%), Slovakia (5%), and Austria (4%).
Hungary, with a population of about 9,514,251 (as of 2025), is ranked 96th in the world, just behind Israel. Located in Central Europe, Hungary covers 93,030 square kilometers, ranking 105th globally, just below the United Arab Emirates.
As of 2025, Hungary has a GDP of approximately $246.49 billion (current US$), ranking among the world’s mid-sized economies. The GDP per capita for Hungary is about $25,907 (current US$, 2025).
Despite facing challenges, Hungary’s economy remains stable and contributes to the regional and global economy.
Hungary Economic Structure & Sector Analysis
| Economic Dimension | Figure | Authoritative Source |
|---|---|---|
| GDP & Macro Output | Nominal GDP: $246.49 billion | Per Capita: $25,907 | World Bank WDI / IMF |
| Trade & Commodities | Top Exports: cars, vehicle parts/accessories, electric batteries, packaged medicine, and computers | UN Comtrade / OEC |
| Demographics & Labor | Population: 9,514,251 | ILO / UN Population Division |
| Strategic Trade Corridors | Leading Trade Partners: Germany (24%), Italy (6%), Romania (5%), Slovakia (5%), and Austria (4%) | World Bank WITS / IMF DOTS |
- Primary activities: ~2.7% of GDP (agriculture, value added, as of 2025).
- Secondary activities: ~23.0% of GDP (industry, as of 2025).
- Tertiary activities: ~60.1% of GDP (services, as of 2025).
Primary Sector of Hungary
Hungary’s primary sector, mainly agriculture, thrives due to its temperate climate and fertile soil. With 55.27% of the land dedicated to agriculture, the country produces a variety of crops and animal products. The main agricultural products include wheat, maize, milk, barley, sunflower seeds, rapeseed, sugar beets, pork, grapes, and apples.
Agriculture contributes only about 2.7% to GDP (value added, as of 2025), but it provides employment and food security. The diverse range of agricultural products highlights the sector’s significance in sustaining Hungary’s agricultural industry.
The country’s geological diversity provides a rich array of natural resources. Bauxite, coal, and natural gas are key assets, supporting industries like mining and energy production. Additionally, the fertile soils and extensive arable land contribute significantly to the agricultural sector, boosting the economy through exports and food production.
Hungary also produces oil, with a daily production of approximately 17,733 barrels. Despite ranking 49th globally in oil production, the country holds reserves of 28.6 million barrels, representing only 0.1% of the world’s oil reserves.
Hungary’s natural gas production in 2020 reached 1,772 million m³, ranking 59th globally. This gas supports the country’s energy production sector.
Secondary Sector of Hungary
In Hungary, the main industrial products include metallurgy, construction materials, processed foods, textiles, chemicals (especially pharmaceuticals), and motor vehicles. These industries produce goods for domestic consumption and export.
Manufactures accounted for 86.16% of Hungary’s total exports in 2023. This highlights the significant contribution of the manufacturing sector to the country’s economy and global trade.
Tertiary sector of Hungary
The tertiary sector in Hungary encompasses services that enhance productivity and meet needs through intangible goods like advice and expertise. Key activities include restaurants, healthcare, education, banking, communication, media, tourism, and transportation. These services contribute significantly to Hungary’s economic growth and development.
Specifically, Hungary’s tourism industry significantly contributes to its economy, with 61,397,000 annual arrivals, representing a tourist arrival ratio of 6.367 per capita. Budapest, the capital, and Lake Balaton, a popular summer destination, are among the country’s most visited attractions.
Another example of tertiary economic activity is the mobile cellular sector, with over 10 million subscriptions that support connectivity and digital services across industries.
Military Activities and Economic Sectors of Hungary
The primary sector supports the military by providing resources, while the secondary sector focuses on manufacturing military equipment. The tertiary sector includes services provided by the military, such as logistics and training.
As of 2024, Hungary’s military expenditure was about $4,734.7 million, which is roughly 2.16% of its GDP (per SIPRI). The active military force consists of approximately 27,800 personnel.
Biggest company in Hungary
Which is the biggest company in Hungary? One of the largest companies is OTP Bank, with a market value of approximately $36.4 billion USD (as of 2026). It operates in the banking industry, which is part of the tertiary economic sector. OTP Bank was founded in 1949 and has since become a key player in Hungary’s banking sector.
International Trade of Hungary
Import Activities of Hungary
Hungary’s economy is highly open to trade: imports of goods and services equal roughly 80% of GDP (as of 2023).
Hungary’s import activities are significant, with key partners like Germany, China, Austria, Slovakia, and Poland. Main imports include natural gas, vehicle parts, electricity, cars, and plastic products.
Exports Activities of Hungary
In Hungary, exports of goods and services are equivalent to roughly 80% of GDP (as of 2023), indicating a high level of importance and driving economic growth significantly.
Hungary primarily exports cars, vehicle parts/accessories, electric batteries, packaged medicine, and computers. Its top export partners are Germany (24%), Italy (6%), Romania (5%), Slovakia (5%), and Austria (4%).
Hungary economy challenges in 2024
Hungary faces economic challenges in 2024. With a high-income status, the country tightens fiscal policy to address budget deficits. Delays in EU funds due to judicial issues add strain. High inflation and low consumer confidence persist, prompting a search for energy alternatives to reduce reliance on Russian gas.
Sources
Last updated: October 2026
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