It marked the eleventh consecutive period of expansion and the fastest since the fourth quarter of 2022, boosted by rises in household consumption (3%) and gross fixed capital formation (21.4%).
By contrast, government spending contracted by 1.4%, while external trade contributed negatively to the GDP as exports shrank by 1.8% while imports grew by 2.5%.
On the production side, output grew for agriculture (16.2%), construction (14.6%), and information and communication (7.1%). In the third quarter last year, the country's GDP increased by 1.9%.
On a seasonally adjusted quarterly basis, the GDP shrank by 0.5% in Q4 of 2023, the first decline in three quarters, reversing from a 1% growth in the previous period.
For the 2023 full year, the economy expanded 2. 1%, softer than a 4.1% rise in 2022.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
