Hungary's economic contraction 2 pp below Eurozone average
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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.
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