Hungary’s GDP grew by an annual 4.0% in the third quarter, slowing from 6.5% in Q2, the Central Statistical Office (KSH) confirmed in a second reading of data released on Thursday. Adjusted for seasonal and calendar year effects, Q3 GDP growth was 4.1%. Quarter on quarter, adjusted GDP fell by 0.4%. GDP growth in Q1-Q3 climbed by an annual 6.1%.
On the production side, services added 3.4 percentage points to third-quarter year-on-year headline growth, while industry contributed 1.7 percentage points and construction 0.1 percentage point. The farm sector, hit by drought, shaved 1.8 percentage points off headline growth. On the expenditure side, final consumption contributed 2.3 percentage points to growth, while gross capital formation cut 0.8 percentage point off the headline figure. The trade balance added 2.5 percentage points to headline growth.