Hungary is often described as a small and open economy, a characterization most commonly linked to the high ratio of foreign trade to gross domestic product. A new analysis by the Oeconomus Economic Research Foundation places the size of the Hungarian economy into a different perspective by comparing the economic output of Hungary’s regions to the GDP of entire countries, offering a more tangible international context.
Based on a 2022 compilation by the Hungarian Central Statistical Office (KSH) and World Bank GDP data covering all 195 UN-recognized states, the combined economic output of Hungary’s eight NUTS2 regions corresponds to the total GDP of several sovereign countries. According to the analysis, Hungary’s overall economic size in 2022 was equivalent to the combined output of countries such as Mongolia, Albania, Kyrgyzstan, Gabon, Serbia, Brunei, Jamaica, and Rwanda. Together, these eight countries represent a population of more than 40 million, underscoring the relative economic weight of Hungary despite its smaller population.
‘Hungary’s overall economic size in 2022 was equivalent to the combined output of countries such as Mongolia, Albania, Kyrgyzstan, Gabon, Serbia, Brunei, Jamaica, and Rwanda’
World Bank data show that Hungary’s nominal GDP reached $178.8 billion in 2022, placing the country 58th globally and 17th among the 27 EU member states. More recent figures, published by the World Bank on 15 December 2025, indicate that Hungary’s economic output increased to $222.7 billion by 2024. This growth moved the country up to 55th place in the global GDP ranking, while its position within the EU remained unchanged.
When adjusted for purchasing power parity, which accounts for differences in price levels between countries, Hungary’s economic size appears even larger. On this basis, GDP reached $455.5 billion, ranking Hungary 54th worldwide and 16th within the European Union.
The analysis also highlights significant internal disparities within the Hungarian economy. According to KSH data from 2022, Budapest alone accounted for 37 per cent of national GDP. When combined with Pest county, the capital region generated nearly half of Hungary’s total economic output, at 49 per cent. This concentration illustrates what analysts have previously described as Hungary’s ‘Budapest-centric’ economic structure.
Taken together, Budapest and Pest county form an economic region comparable in size to the entire economies of Bulgaria or Luxembourg. Although the data are several years old, Oeconomus notes that the relative contribution of counties tends to change only marginally over short periods, meaning the broader conclusions remain valid.
Related articles:
