Hungarian GDP Grows but Down Year-on-Year

The volume of gross domestic product went down by 4.6% in Hungary in the 3rd quarter of 2020 compared to the corresponding period of the previous year. According to seasonally and calendar adjusted and reconciled data the performance of the economy was 11.4% higher than in the previous quarter and 4.6% lower than in the corresponding period of the previous year.

In the 1st–3rd quarters of the year, the economic performance declined by 5.5% according to raw data published this Tuesday by the Central Statistical Office.

In the 3rd quarter of 2020, compared to the corresponding period of the previous year, the volume of GDP decreased by 4.6%. Compared with the 3rd-quarter figure issued in the flash estimate, the raw volume index in the second estimate was unchanged.

The performance shrank by 2.4% in industry, by 1.9% in manufacturing within it, compared to the same period of the previous year. Among manufacturing branches, increases in the manufacture of electrical equipment and the manufacture of other transport equipment (i.e. other than motor vehicles, trailers and semi-trailers) moderated the decline. The value added of construction was down by 17.6% and that of agriculture by 3.8% compared to the corresponding period of the previous year.