Hungary GDP Q3 2016


Hungary: Economy loses steam in Q3

Hungary’s economy lost momentum in Q3, following Q2’s expansion. GDP expanded 2.0% in Q3 over the same period last year, according to preliminary data released by the Central Statistics Office (KSH) on 15 November. The reading undershot market expectations of a stronger 2.5% expansion and marks a clear deceleration from Q2’s 2.8% expansion.

According to KSH, a weaker reading in construction and a stagnation in industry more than offset an expansion in market services and agriculture. On a quarter-on-quarter basis, GDP growth decelerated from a seasonally-adjusted 1.0% expansion in Q2 to a tepid 0.2% increase. More detailed data will be released on 6 December.

FocusEconomics Consensus Forecast panelists expect a 2.1% expansion in 2016, which is unchanged from last month’s projection. For 2017, the panel expects growth to expand 2.7%, which is up 0.1 percentage points from last month’s forecast.

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Hungary GDP Chart

Hungary GDP Q3 2016

Note: Year-on-year changes of working-day adjusted GDP in %.
Source: Hungarian Central Statistics Office and FocusEconomics Consensus Forecast.

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