Financial News: Hungary Q4 GDP Growth Slows Sharply To 0.4%,

Hungary Q4 GDP Growth Slows Sharply To 0.4%, As Estimated

03/02/2023 - 04:11:00 (RTTNews)

(RTTNews) - Hungary's economic growth eased markedly as initially estimated in the final quarter of 2022, preliminary data from the Hungarian Central Statistical Office showed on Thursday.

Gross domestic product advanced an unadjusted 0.4 percent year-on-year in the fourth quarter, much slower than the previous quarter's 4.0 percent increase. That was in line with the flash data published on February 14.

Further, this was the slowest rate of growth since the current sequence of growth started in the first quarter of 2021.

On an adjusted basis, the annual GDP growth also moderated to 0.8 percent in the December quarter from 3.7 percent in the September quarter, which was revised down slightly from 3.8 percent.

On the production side, the performance in the industrial sector was 2.1 percent higher compared to last year, and the gross value added in the service sector grew 2.8 percent.

Meanwhile, the annual economic growth was curbed by a 32.3 percent sharp downturn in the agriculture sector.

Compared to the previous quarter, GDP fell an adjusted 0.4 percent in the fourth quarter, following a 0.7 percent decline in the preceding three-month period, as estimated.

The economic performance was 4.6 percent higher in 2022 compared to the previous year.

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