In the third quarter, GDP contracted 1.5% over the same period last year, according to preliminary data released by the Central Statistics Office (KSH) on 15 November, exceeding market expectations of a softer 1.3% contraction. The figure matched the revised 1.5% contraction recorded in the second quarter (previously reported: -1.3% year-on-year) and represents the third consecutive drop in output. Compared to the preceding quarter, GDP decreased a seasonally adjusted 0.2%, which marked an improvement over the 0.4% drop recorded in the Q2 but signifies that the Hungarian economy remains mired in recession. Detailed data will be published on 7 December.
Economy remains mired in recession in Q3
November 15, 2012
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Hungary GDP Chart
Note: Year-on-year changes of working-day adjusted GDP in %.
Source: Hungarian Central Statistics Office and FocusEconomics Consensus Forecast.
Hungary Economic News
October 11, 2016
In September, consumer prices rose 0.2% from the previous month, contrasting August’s 0.4% decrease.
October 7, 2016
According to preliminary data released by the Statistical Institute (KSH) on 7 October, industrial output in August rose a working-day adjusted 3.5% from the same month last year, rebounding from July’s 0.1% decrease and marking a four-month high. On a monthly basis, industrial production increased a seasonally- and working-day adjusted 1.6% in August, which followed July’s 0.3% decrease.
September 26, 2016
The GKI economic sentiment indicator advanced slightly from August’s minus 3.9 points, which was the lowest reading in over two years, to the still-low level of minus 3.6 points in September.
Hungary: Central Bank leaves base rate at 0.90%, continues easing monetary conditions by capping main deposit facility
September 20, 2016
The Central Bank of Hungary (NBH) held all rates constant at its 20 September monetary policy meeting, but continued easing monetary policy conditions by using unconventional monetary policy instruments.
September 9, 2016
In August, consumer prices fell 0.4% over the previous month, coming in below July’s softer 0.2% decrease.