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The volume of gross domestic product in Hungary decreased 4.6 percent in the third quarter compared to the same period in the previous year. According to seasonally adjusted and calendar-adjusted and balanced data, the performance of the economy was 11.4% higher than the previous quarter and 4.6% lower than the same period of the previous year.
THE PERFORMANCE OF THE NATIONAL ECONOMY RETURNS BY 5.5 PERCENT IN THE FIRST THREE QUARTERS OF THIS YEAR, ACCORDING TO RAW DATA
– reported by the Central Statistical Office (CSO) on the basis of its second estimate. Compared to the quarterly data reported in the first estimate, the volume index did not change.
On the production side, the performance of industry fell by 2.4 percent, including that of manufacturing by 1.9 percent year on year. The added value of construction decreased by 17.6 percent and that of agriculture by 3.8 percent compared to the same period of the previous year. The gross value added of services decreased by 4 percent. The greatest decreases occurred in accommodation and food services activities (20.9%) and in transport and storage (19.9%). Business performance increased 1.8 percent. The added value of professional, scientific, technical and administrative activities, as well as arts, entertainment and other services, decreased by 9.6 and 7.9 percent, respectively. The performance of financial and insurance activities increased by 2.9 percent. The value added of public administration and education decreased by 0.8 and 1.7 percent, respectively. The value added of health care increased by 1.4 percent.
- On the production side, in the 4.6 percent drop in gross domestic product in the third quarter, services caused a decline of 2.2 percentage points, industry by 0.4 percentage points and construction in 1.0 percentage points.
- On the consumption side, in the fall in gross domestic product of 4.6 percent in the third quarter, final consumption caused a decrease of 1.7, gross accumulation of 2.8 and the foreign trade balance of 0 , 1 percentage points.
The industry has found
In the third quarter, compared to the previous quarter, the performance of the economy increased by 11.4 percent based on balanced and seasonally and calendar-adjusted data, according to the CSO.
On the production side, the gross value added of industry increased by 24.2 percent, that of services by 10 percent, while the value added of agriculture and construction decreased by 1.3 and 4 , 1 percent, respectively.
On the consumption side, among the components of final consumption, household consumption expenditure increased by 7.4 percent and the volume of government social benefits in kind by 13.1 percent. Community consumption decreased by 2 percent. Gross fixed capital formation increased 1.3 percent. In foreign trade, the volume of exports soared by 28.9 percent and that of imports by 18.7 percent, writes the CSO.
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