Financial News: Hungary GDP Contracts As Estimated In Q3

Hungary GDP Contracts As Estimated In Q3

12/03/2024 - 05:47:00 (RTTNews)

(RTTNews) - Hungary's economy shrank as initially estimated in the third quarter after expanding in the previous two quarters, the latest data from the Hungarian Central Statistical Office showed on Tuesday.

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. That was in line with the flash data published on October 30.

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

The expenditure breakdown showed that household final consumption expenditure rose 4.5 percent, while government consumption declined by 1.4 percent.

Gross fixed capital formation fell sharply by 14.0 percent due to a fall in investments in construction and machinery and equipment. Both exports and imports fell by 1.9 percent and 0.9 percent, respectively.

Compared to the previous quarter, the Hungarian economy contracted 0.7 percent after a 0.2 percent decline in the June quarter, in line with the flash estimate.

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