Financial News: Hungarian Economy Shrinks In Q3

Hungarian Economy Shrinks In Q3

10/30/2024 - 04:14:00 (RTTNews)

(RTTNews) - Hungary's economy contracted in the third quarter after expanding in the previous two quarters, preliminary data from the Hungarian Central Statistical Office showed on Wednesday.

On an unadjusted basis, gross domestic product declined 0.8 percent in the third quarter from last year, reversing a 1.5 percent rise in the previous quarter, which was the quickest growth since the third quarter of 2022.

The total performance of agriculture, industry, and construction, which make up about one-third of the economy, contributed to the decrease in the volume of gross domestic product compared to last year by approximately 2 percentage points, the agency said.

On an adjusted basis, GDP also decreased 0.7 percent in the third quarter versus a 1.3 percent increase in the previous quarter.

Compared to the previous quarter, the Hungarian economy shrank 0.7 percent after a 0.2 percent contraction in the June quarter.

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