In the third quarter, gross domestic product (GDP) increased 1.7% over the same period last year. The figure was revised up a notch from the flash estimate released on 12 November and came in above the previous quarter's 1.0% expansion. However, the figure was boosted by a low base of comparison, as the economy had contracted 7.5% in the third quarter of 2009. The acceleration over the previous quarter was the result of developments in the domestic sector. Private consumption finally showed signs of recovering, as it swung from a 5.0% contraction in the second quarter to a 1.2% increase in the third quarter. In addition, government consumption stepped up to a 1.7% expansion (Q2: +1.4% year-on-year), while the contraction in fixed investment eased to a 2.6% drop (Q2: -4.5% yoy). In contrast, the net contribution from the external sector to overall growth fell from 3.4 percentage points in the second quarter to 2.4 percentage points in the third, as exports decelerated to a 13.9% expansion (Q2: +15.8% yoy), while import growth slowed only slightly to 13.0% (Q2: +14.4% yoy). A quarter-on-quarter analysis corroborates the improvement suggested by the annual data as economic activity increased 0.8% over the previous quarter in seasonally and calendar adjusted terms.
Recovery remains on track amid stronger domestic demand
December 9, 2010
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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.