Hungary’s gross domestic product (GDP) remained unchanged in the first quarter of 2025 compared to the same period last year, based on unadjusted data. According to seasonally and calendar-adjusted and reconciled data, GDP declined by 0.4% year-on-year and decreased by 0.2% compared to the previous quarter. From a production perspective, industry recorded a 3.9% year-on-year decline, driven primarily by a 4.6% decrease in manufacturing. The production of electrical equipment contributed most to the contraction, although a slower decline in computer, electronic, and optical products partially offset this trend. Construction output fell by 5.1%, while agricultural output decreased by 0.7%. Services overall expanded by 1.1%, with the strongest growth in education (3.5%), followed by arts and recreation activities (3.1%) and health and social services (2.4%). Retail trade and accommodation and food service activities also recorded moderate increases. By contrast, the information and communication sector and real estate activities experienced slight declines of 0.1% each, and public administration contracted by 1.2%. Overall, services—particularly wholesale and retail trade—made the largest positive contribution to GDP, while industry and construction weighed on economic performance. The impact of taxes and subsidies on products slightly boosted GDP, while agriculture’s contribution was negligible. From an expenditure perspective, household final consumption increased by 4.1% year-on-year, contributing positively to GDP. Consumption rose across all product groups, with the largest increase seen in durable goods. Government final consumption grew by 7.3%, while social transfers in kind from the government and non-profit institutions serving households declined. As a result, actual final consumption rose by 3.0%. Gross fixed capital formation declined by 10.1%, reflecting reduced investment in both construction and machinery and equipment. Overall, gross capital formation fell by 10.3%. Despite this, domestic use increased by 0.4%. In external trade, Hungary recorded a surplus of 1,237 billion forints at current prices. The volume of exports declined by 0.4%, while imports rose by 0.1%. Exports of goods increased by 0.9%, whereas exports of services decreased by 5.0%. Imports of goods and services rose by 0.7% and fell by 2.7%, respectively. In quarterly comparison, GDP decreased by 0.2%. Agriculture’s output increased by 4.6%, while industry, services, and construction declined. Household final consumption rose by 0.4%, and government consumption by 1.4%. Gross fixed capital formation decreased by 2.4%. Both exports and imports increased quarter-on-quarter by 1.5% and 1.4%, respectively. The figures suggest subdued economic momentum at the start of 2025, with consumption providing some support amid declines in investment and industrial output.