Hungary Q3 GDP contracts by 4.6 pc

Hungary's economy shrank by 4.6 percent in the third quarter, according to a second reading of data released by the Central Statistical Office (KSH) on Tuesday.

On the production side, services accounted for 2.2 percentage points of the headline decline. The construction sector accounted for 1.0 percentage point of the drop and the industrial sector for 0.4 percentage point.

Within services, output of the hotel and catering sector plunged by 20.9 percent as the pandemic impacted tourism, and logistics output dropped by 19.9 percent, but output of the ICT sector rose by 5.3 percent.

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