GDP Down on Second Quarter, Up on 2021 Pandemic Base

Hungary’s gross domestic product diminished by 0.4% between July and September this year compared to the previous quarter according to seasonally and calendar adjusted and reconciled data reported by the the Central Statistical Office.

The report added that in the 3rd quarter of 2022, the economic performance increased by 4.0% according to raw data and by 4.1% according to seasonally and calendar adjusted and reconciled data compared to the corresponding period of the previous year. All sections contributed to the growth except for agriculture.

Almost all sections contributed to the increase, but mostly industry and market services. There were significant growths especially in the manufacture of motor vehicles, trailers and semi-trailers, the manufacture of computer, electronic and optical products as well as the manufacture of electrical equipment within industry and mostly in transportation and storage as well as professional, scientific, technical and administrative activities among market services. A considerable downturn in agriculture slowed the increase.

The economic performance was 6.1% higher in quarters 1–3 of 2022 according to both raw data and seasonally and calendar adjusted and reconciled data than in the corresponding period of the previous year.