Hungary's economy grows as estimated in Q3

Hungary's economy expanded for the second straight quarter as initially estimated in the three months ending in September, the latest data from the Hungarian Central Statistical Office showed on Tuesday.

On an unadjusted basis, gross domestic product advanced 0.6% in the third quarter from last year, faster than the 0.1% rise in the previous quarter. That was in line with the flash data published on October 30.

The value added of construction expanded 2.6%, while the industrial sector performance was 1.7% lower, and the agriculture sector showed a contraction of 6.2%.

The expenditure breakdown showed that household final consumption expenditure grew 2.6%, while the final consumption of government was 6.3% lower.

Data showed that gross fixed capital formation decreased 3%, with the volume of investments in construction lessened, while that of investments in machinery and equipment rose.

On an adjusted basis, GDP also grew 0.6% in the third quarter versus a 0.2% increase in the previous quarter, as estimated.

Compared to the previous quarter, the Hungarian economy stalled in the September quarter, after expanding 0.5% in the June quarter. The performance of agriculture went up by 1%, while that of construction decreased by 4%.