Hungary’s economy
According to the Hungarian Central Statistical Office (HSCO) Hungary’s economy grew at a lower rate than the EU average, by 0.5% in 2024. The performance of service sector industries went up, while that of goods-producing areas (industry, agriculture and construction) decreased. From the expenditure approach to GDP, the main driver of the growth was the actual final consumption of households. With the inflationary wave calming down, the purchasing power of earnings rose again, which considerably helped consumption pick up. The balance of external trade had a positive impact, too, on GDP volume change. The larger external trade surplus than a year earlier was generated along with decreasing volumes of exports and imports. However, investment activity further lessened, which significantly slowed down the economic growth.
In external trade in goods, the volume of exports lessened by 2.1% and that of imports by 3.7% in 2024 compared to 2023. Hungary’s budget deficit corresponded to 4.9% of annual GDP in 2024. The unemployment rate was 4.5% in the previous year.
The investment capital inflow into the Hungarian economy exceeded the EUR 10 billion mark for the second year in a row in 2024. Investors placing their trust in Hungary decided to launch 77 projects with HIPA’s support, injecting EUR 10.3 billion of fresh capital in the Hungarian economy and creating 18,500 new jobs. Top 4 investors were: China, South Korea, Hungary and Germany.
At the end the second quarter of 2025 the GDP rose by 0,1%. In June 2025 the employment rate stood at 75,3%, while the unemployment rate was 4,3% and the inflation was 4,6%.
Források
https://www.ksh.hu/docs/eng/xftp/idoszaki/mo/hungary_2024.pdf
https://hipa.hu/news/Hungary-investment-promotion-2024-results-HIPA/
Hungary–Malaysia economic relations
In 2024 Malaysia was Hungary’s 37th trading partner and the 2nd most important between the ASEAN countries. The trade volume was 823 million USD between the two countries. The Hungarian export into Malaysia reduced by 16,4%, while the imports rose by 4,4%. The most important export and import products of 2024 came from the same groups such as office machinery and mechanical data processing equipment, electrical machinery, apparatus and instrument equipment, processed products.
The previous year was marked by three major encounters between Hungary and Malaysia:
- At 18th of September 2024 H.E. Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary had an online video meeting with H.E. Johari Abdul Ghani, Minister of Plantation and Commodities of Malaysia.
- At 20th of March 2024 H.E. Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary visited Malaysia and had fruitful meetings with H.E. Zambry Abdul Kadir Minister of Higher Education of Malaysia, and H.E. Belvinder Sron, CEO of the Malayisan Palm Oil Council.
- Between 22nd and 23rd of February 2024 the Hungarian Chamber of Commerce and Industry has visited Malaysia. The eleven-company strong delegation was led by H.E. dr. László Parragh, president of the HCCI. The members of the HCCI visited the Malaysia Technology Expo 2024 and had meetings with the representatives of the Federation of Malysian Manufacturing and hhe Associated Chinese Chambers of Commerce and Industry of Malaysia.
In 2023 we had the honour to welcome H.E. Mohamad Sabu, Minister of Agriculture and Food Security of Malaysia in Hungary. At the 6th of July he had a bilateral meeting with. H.E. dr. István Nagy, Minister of Agriculture of Hungary during which they signed the Memorandum of Understanding between Hungary and Malaysia in the field of agriculture.
The Embassy of Hungary strongly supports Hungarian companies to coma and visit and to come and exhibit in Malaysia. In the last previous years, we have participated in the following exhibitions:
- International Healthcare Week 2025 (IHW 2025)
- more information about the event: https://inthealthcareweek.com/
- 18th Defence Services Asia Exhibition and Conference 2024
- more information about the event: https://www.dsaexhibition.com/
- Smart Nation Expo 2022, 2023, 2024
- more information about the event: https://www.smartnationexpo.org/
Major bilateral economic related agreements
- Convention on the Avoidance of Double Taxation (1991)
- Investment Protection Agreement (1995)
- Economic Cooperation Agreement (2019)
Important trade related institutions