Hungary GDP Q3 2022

Hungary

Hungary: The economy contracts in Q3

November 15, 2022

According to a preliminary reading, the economy shrank 0.4% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting Q2’s 0.8% increase. On an annual basis, the pace of expansion slowed to 4.0% in Q3, from 6.5% in Q2.

While a detailed breakdown is set to be released on 1 December, the press release highlighted that activity in the market services sector and in industry were the main drivers of the year-on-year expansion.

János Nagy, analyst at Erste Bank, signaled downside risks to growth ahead:

“Looking ahead, the short-term outlook is not so favourable, however. The coming quarters could thus bring a

relevant slowdown in annual GDP growth rates. Due to the elevated levels of energy prices and the still surging

inflation, households and corporates [may be] affected negatively even more and more in the upcoming periods.”

FocusEconomics analysts see GDP growing 2.4% in 2023, which is unchanged from last month’s forecast, and 4.3% in 2024.


Author: Massimo Bassetti, Senior Economist

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