Hungarian gross domestic product (GDP) turned negative for the second quarter in a row.
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Hungarian GDP declined by 0.7% in the third quarter (Q3) compared with the previous year, according to flash estimates from the Hungarian Statistic Office (KSH) of the seasonally and calendar-adjusted figures.
Compared with the previous quarter, GDP also fell by 0.7%, following a 0.2% drop in the three months to 30 June, indicating that the Hungarian economy has landed in a recession (two consecutive quarters with the economic performance in negative territory).
The main drivers of the contraction appear to be the weak performance of the agriculture, industry and construction sectors which, in total, make up about one-third of the economy.
The services sector partly offset this staggering performance.
According to KSH, the GDP in the first nine months of the year is still, in total, 0.7% higher than that of 2023.
