Hungary’s year-on-year economic growth decelerates slightly in Q3

Hungary’s economic growth slowed a bit in the third quarter of this year on a year-on-year basis. The GDP of Hungary grew 2 percent year-on-year in the September quarter, a slowdown from 2.6 percent year-on-year growth seen in the second quarter. Market services and agriculture mainly contributed positively to the third quarter economic growth, whereas the subdued performances of industry and construction were a drag on the growth, said Hungarian Central Statistical Office.

On a sequential basis, the Hungarian economy expanded 0.2 percent seasonally adjusted in the September quarter.

The volume of GDP on a year-on-year basis rose 1.4 percent seasonally and calendar adjusted. According to data before reconciliation, the volume of gross domestic product expanded 1.8 percent in the third quarter, noted Hungarian Central Statistical Office.

Meanwhile, the nation’s construction output data was also released today, which showed a decline of 13.2 percent year-on-year in the volume of construction output for the month of September. Construction of buildings in the region rose 3.1 percent, whereas that of civil works dropped 25.3 percent, a divergence between the two main groups of constructions.