Hungarian GDP almost stagnats

In the first three quarters – according to a flash estimate – the gross domestic product increased by 1.5%. In Q3 – in line with the effects of global market processes but before the financial crisis spread worldwide – growth was down to 0.8%.

 According ot Hungarian Central
Statistic Office the industrial production expanded by 3% over nine
months but in the past few months failed to reach the level measured
a year before. The output of construction decreased by 8%. The
results of agriculture – above all the production of ear cereals –
are more favourable than they were last year. External trade – at
lower dynamics than before – was essentially in equilibrium. Retail
sales diminished by 2.0%. The number of employed persons was less in
all the three quarters than in the previous ones, while unemployment
increased. Average gross and net earnings rose by 8% and 7.2%,
respectively, in January-September. Meanwhile consumer prices became
6.7% higher, thus the real value of earnings was up by 0.5%. The
consumer price rise in October was equal to 5.1%.