Hungary GDP Down 0.3% y.o.y. in Q3 2023

Analysis

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Hungary’s gross domestic product decreased by 0.4% according to raw data and by 0.3% according to seasonally and calendar-adjusted and reconciled data in the third quarter of 2023 compared to the corresponding period of the previous year, according to data by the Central Statistical Office (KSH).

The decrease in the economic performance was mostly owing to falls in industry and market services, within which the latter mainly in wholesale and retail trade as well as scientific, technical, and administrative activities. The good performance of agriculture lowered the reduction. The decrease in the value added of services was partly offset by a significant growth in section human health and social work activities.

Compared to the previous quarter, the performance of the economy went up by 0.9%.

Gross domestic product was 1.2% lower in Q1-Q3 2023 according to both raw data and seasonally and calendar-adjusted and reconciled data than in the corresponding period of the previous year, KSH notes.

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