KSH: In the third quarter, the economic performance decreased by 0.7 percent compared to the same period of the previous year

By: Trademagazin Date: 2024. 12. 03. 12:10

The volume of Hungary’s gross domestic product (GDP) in the third quarter of 2024 was 0.8 percent lower than in the same period of the previous year based on raw data, and 0.7 percent lower than in the same period of the previous year based on seasonally and calendar-adjusted and balanced data. Compared to the previous quarter – based on seasonally and calendar-adjusted and balanced data – the economic performance decreased by 0.7 percent, the Central Statistical Office (KSH) reported on Tuesday, based on its second estimate.

In the first three quarters of 2024, the economic performance exceeded the same period of the previous year by 0.6 percent according to raw data, and by 0.7 percent according to seasonally and calendar-adjusted and balanced data.

The volume indices reported in the second estimate did not change compared to the first estimate, the KSH noted.

On the production side, the performance of industry decreased by 4.4 percent, including that of manufacturing by 6.2 percent compared to the same period of the previous year. Among the manufacturing sectors, the production of road vehicles and the production of electrical equipment contributed the most to the decline, while the production of rubber and plastic products and the food industry slowed down the decline of industry the most.

The added value of the construction industry was 4.0 percent, and that of agriculture (due to the drought) was 14.9 percent lower than a year earlier.

The gross added value of services increased by 1.9 percent overall. The largest increase (5.9 percent) occurred in the arts, leisure and other services sector. The added value of education increased by 3.8 percent, that of transport and storage by 2.8 percent, and that of information and communication by 2.6 percent. The performance of accommodation and catering, as well as the financial and insurance sectors both increased by 2.4 percent.

The added value of human health and social care increased by 2.3 percent, and that of real estate transactions by 1.2 percent. The performance of professional, scientific, technical and administrative activities increased by 0.9 percent, that of trade by 0.8 percent, and that of public administration by 0.4 percent.

The 0.8 percent decline in gross domestic product in the third quarter of 2024 was curbed by services (by 0.8 percentage points) and the balance of taxes and subsidies on products (by 0.3 percentage points). The performance of industry reduced the performance of the national economy by 1.1 percentage points, that of agriculture by 0.6, and that of the construction industry by 0.2 percentage points. Within services, all branches contributed to offset the decline in GDP to a similar extent.