Gross domestic product (GDP) volume fell by 0.8% in the third quarter based on raw data and decreased by 0.7% after seasonal and calendar adjustments, reflecting a downturn across both market and non-market services.
Agriculture, industry, and construction—sectors accounting for roughly one-third of Hungary’s economy—drove the year-over-year contraction, contributing approximately 2 percentage points to the GDP volume decrease, KSH noted.
This decline reflects headwinds facing Hungary’s traditionally strong industrial base, particularly as European economies contend with slower consumer demand.
Despite the third-quarter contraction, Hungary’s economy has shown slight growth in 2024 as a whole. In the first three quarters, GDP was up 0.6% according to raw data and rose by 0.7% after adjustments compared to the same period in 2023.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
