Hungary's economic contraction 2 pp below Eurozone average
Photo by Per Bengtsson / Shutterstock.com
Hungary's economy contracted at a rate of around two percentage points under the average decline in the eurozone in Q1-Q3, according to data from Eurostat compiled in a report by the Central Statistical Office (KSH).
Hungary's GDP fell a seasonally- and workday-adjusted 5.4% year-on-year in Q1-Q3. During the same period, economies in the eurozone contracted 7.5% on average.
Before the coronavirus crisis, Hungary's government had set a policy goal to keep GDP growth two percentage points over that in eurozone countries.
In a regional comparison, GDP in the Czech Republic fell 5.9% in Q1-Q3 and declined by 2.6% in Poland and 6.1% in Slovakia.
ADVERTISEMENT
Minister Asks Banks to Introduce Voluntary Rate Caps
Gov't Raises 2023 Deficit Target to 5.2% of GDP
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 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.
