Hungary GDP

Hungary

Hungary: Hungarian economy loses steam in the third quarter

November 13, 2015

Hungary’s economy lost momentum in the third quarter, marking the second consecutive quarter of decelerating growth. GDP expanded 2.3% over the same period last year in Q3, according to preliminary data released by the Central Statistics Office (KSH) on 13 November. The print came in below both the 2.7% expansion recorded in Q2 and market expectations of a 2.5% rise. In addition, the reading marked the slowest pace of growth since Q2 2013. According to KSH, the expansion mainly resulted from growth in industry, wholesale and retail trade, along with food service activity.

On a quarter-on-quarter basis, GDP increased a seasonally-adjusted 0.5% in Q3, which matched Q2’s result. More detailed data will be released on 4 December.

The Central Bank expects the economy to expand 3.2% in 2015 and 2.5% in 2016. FocusEconomics Consensus Forecast panelists expect a 2.9% expansion in 2015, which is unchanged from last month’s projection. For 2016, the panel expects growth to expand 2.4%, which is down 0.1 percentage points from the previous month’s estimate.


Author: Angela Bouzanis, Senior Economist

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Hungary GDP Chart


Hungary GDP Q3 2015

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


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