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Hungary grew even slower than expected in Q3

Gross domestic product grew 0.9% year-on-year in the Q3, the statistical office (KSH) said Friday.

The latest figure came in a tad below the 1% estimate based on preliminary calculations. Third quarter growth marked a slower pace than the 1.2% witnessed in the Q2. After calendar effects adjustments, annual economic growth was 1% in the Q3, slightly smaller than the 1.2% expansion logged in the Q2. Preliminary estimate for adjusted growth was 1.1%. The statistical office stated that Q3 economic growth was largely attributable to increasing gross value added of industry, which amounted to 7.4%, making significant contribution to the 14.6% export growth. Meanwhile, household final consumption dropped 2%. On a quarter-on-quarter basis, the Hungarian economy grew 0.3% in the Q3 versus nil growth in the Q2. (Gazdasági Rádió)