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Stats Office: Hungary’s GDP Growth Slows Down To 2 Percent In Third Quarter Of 2016

By Tamás Székely // 2016.11.15.

Fresh preliminary data by the Central Statistical Office (KSH) show that in the third quarter of the year Hungary’s GDP increased by 2 percent compared to the corresponding period of the previous year but it slowed down by 0,6 percent compared to the previous quarter (2,6%).


The agriculture was the main driver of expansion as the autumn harvest indicate output growth of more than 10 percent, a figure similar to that of Q2. The services sectors, the market services in particular, also recorded growth, which is attributable to wage and employment growth as well as subdued inflation.

However, the weaker performance of the industrial and construction sectors significantly lowered the increase of the Hungarian GDP. Summer holidays and lacklustre external demand have both caused the deceleration of motor vehicle output, which is the most important driving force of the Hungarian economy.

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