Illustration - Photo: mercedes-benz.hu

Q3 GDP drops on weak industrial data

The volume of Hungary’s gross domestic product was 0.8% lower according to raw data and 0.7% lower according to seasonally and calendar adjusted and reconciled data in the 3rd quarter of 2024 than the value in the corresponding period of the previous year.

Compared to the previous quarter, the economic performance decreased by 0.7% according to seasonally and calendar adjusted and reconciled data. In the first three quarters, the performance of the economy was 0.6% higher according to raw data and 0.7% higher according to seasonally and calendar adjusted and reconciled data than in the same period of the previous year.

The total performance of agriculture, industry and construction, making up about one-third of the economy, contributed to the decrease in the volume of gross domestic product compared to the same period of the previous year by approximately 2 percentage points.

Both market and non-market service performances slowed the downturn.

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