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GDP down 4.6% year-on-year in Q3

According to raw data, the gross domestic product of Hungary went down by 4.6% in Q3 2020 compared to the same period of the previous year, the Central Statistical Office (KSH) reports.

The GDP went down by 4.7% year-on-year according to seasonally and calendar adjusted and reconciled data. However, compared to the previous quarter, the economic performance increased by 11.3% according to seasonally and calendar adjusted and reconciled data.

The recovery from the pandemic crisis started in the third quarter, the performance of most industries went up compared to the previous quarter.

The decrease in the economic performance compared to the same period of the previous year was moderated mainly by growths in information and communication as well as financial services.

In the first three quarters of the year, the economic performance was down by 5.6% compared to the corresponding period of 2019 according to raw data.

The "annualized index", published for a long time in U.S. dissemination practice and built on dynamics projected for the future, indicates a 53.5% growth for the third quarter, after a 46.8% decline measured for the previous quarter. The annualized index shows the extent of annual change, supposing that the volume change in the current quarter – compared to the previous quarter – continued for four quarters.