Technical Recession Ends, KSH Confirms

Analysis

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Hungary's GDP grew 0.9% quarter-on-quarter in Q3, adjusted for seasonal and calendar year effects, marking the end of a technical recession, the Central Statistical Office (KSH) confirmed in a second reading of data released on Friday.

In a year-on-year comparison, GDP fell 0.4%. Adjusted for seasonal and calendar year effects, GDP dropped 0.3%.

On the production side, services contributed 1.7 percentage points, industry 0.9, construction 0.1, and the balance of taxes and subsidies on products 1.1 percentage points to the headline decline. The farm sector mitigated the drop by 3.4 percentage points.

On the expenditure side, gross capital formation contributed 5.3 percentage points to the headline decline. The trade balance reduced the drop by 5 percentage points.

For the period Q1-Q3, GDP fell 1.2% year-on-year.

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