KSH: Hungary’s GDP up 2.3% in Q3

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Hungary’s GDP saw a 2.3% rise in the third quarter of the year as compared to the same period a year earlier, Hungary’s Central Statistical Office (KSH) reported this morning in a first reading of data.

According to KSH the increase is chiefly due to “growths measured in the performance of industry as well as wholesale and retail trade and accommodation and food service activities”.

In a quarter-to-quarter comparison, gross domestic product saw a 0.5% increase, data by KSH reveal.

KSH department chief Zsuzsanna Boros Szőke attributed the slower pace to the declining performance of agriculture, but added that industry, including manufacturing also expanded year-on-year less than in the previous year, Hungarian news agency MTI reported. Services, on the other hand, contributed more to growth than in Q2. GDP in the construction industry stagnated, she said,  according to MTI.

KSH is scheduled to publish a second reading of Q3 GDP figures on December 4.

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