The Hungarian economy is tiny, EU data show

With a GDP worth almost EUR 3,300 bn last year, Germany reinforced its position as the leading EU economy, accounting for over a fifth (21.3%) of EU GDP. Although its share of the EU’s GDP decreased by 0.9 percentage points between 2016 and 2017, the United Kingdom (15.2%) retained its second position, just ahead of France (14.9%). They were followed by Italy (11.2%), Spain (7.6%) and the Netherlands (4.8%).

In 2017, EU GDP amounted to EUR 15,300 billion at current prices. Over half of it was generated by three Member States: Germany, the United Kingdom and France.

At the opposite end of the scale, eleven Member States had a GDP of less than 1% of the EU total. They were: Malta, Cyprus, Estonia, Latvia, Lithuania, Slovenia, Croatia, Bulgaria, Luxembourg, Slovakia and Hungary.

Hungary’s economy is the 18th largest in the 27-member bloc. Poland, the largest economy of the Central and Eastern European region, as well as the Czech Republic and Romania finished before Hungary.

The ranking for Hungary has not changed for a long time. As the chart below attests, Hungary has been ranked on the same position for years, while Romania and Poland have been progressing continuously.

The combined share of 11 CEE economies is 8.5% of total EU GDP.

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