Hungary’s economy
Hungary is an open, export-driven economy with a population of 9.6 million persons. The Hungarian economy currently is relying on the performance of the following highly developed sectors: service (trade, tourism, finance and other economic services), transportation and agriculture. On the other hand we have several export-focused industry sectors too, such as automotive and EV battery production, telecommunications and IT technology.
According to the Hungarian Central Statistical Office (HCSO) the Hungarian GDP in 2023 declined by 0,9% compared to the previous year. In total the GDP in 2023 was around 75.044 billion HUF (approximately 207 billion USD). The performance of agriculture increased the volume of GDP by 2.2 percentage points, while construction lowered it by 0.3 percentage point, services by 0.9 percentage point and industry by 1.0 percentage point.
In 2023 inflation was around average 17,6%, unemployment rate moved to 4,1% and the industrial production declined with 5,5%.
Hungary–Malaysia economic relations
In 2023, Malaysia was our country's second most important trade partner among the members of the Association of Southeast Asian Nations (ASEAN). The volume of trade between the two countries was around 828 million USD in 2023. This figure shows that Malaysia is the 38th most important trading partner of Hungary globally. During last year our imports decreased by 2,3% while our exports decreased by 11,4%.
Possible areas of cooperation are: construction, electrical and electronic industry, transport and related infrastructure, logistics, automotive industry, water management, management of natural resources and environment, energy, chemical and petrochemical industry, machinery and engineering, agriculture and agrofood, commodities, health and healthcare industry, biotechnology, information technology and telecommunications, education, human resource development, tourism, halal industry, Small and Medium Enterprises, science and technology, research and technology.
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
Hungarian Export Promotion Agency, HEPA
