Hungary GDP up 4% y.o.y. in Q3

Analysis

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Hungary’s gross domestic product increased by 4% according to raw data and by 4.1% according to seasonally and calendar-adjusted and reconciled data in Q3 2022 compared to the corresponding period of 2021, according to the Central Statistical Office (KSH).

 

Almost all sections contributed to the increase, with the industry and market services sections being the driving force behind the growth.

Significant growth was recorded in the manufacture of motor vehicles, trailers, and semi-trailers; the manufacture of computer, electronic and optical products; as well as the manufacture of electrical equipment within industry; and mostly in transportation and storage as well as professional, scientific, technical and administrative activities among market services.

A considerable downturn in agriculture slowed the increase, KSH notes.

Compared to the previous quarter, the performance of the economy was down by 0.4% in the third quarter of 2022.

The economic performance was 6.1% higher in Q1-Q3 2022 according to both raw data and seasonally and calendar-adjusted and reconciled data than in the corresponding period of the previous year.

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