Hungarian Economy Stagnates In Q4

(RTTNews) - Hungary's economy remained stagnant in the final quarter of 2023, preliminary data from the Hungarian Central Statistical Office showed on Wednesday.

On an unadjusted basis, gross domestic product showed a flat change in the December quarter from last year, following a 0.4 percent fall in the previous quarter.

The economy remained in recession in the third quarter, as the GDP contracted for the third straight quarter.

During the fourth quarter, the economic performance rose mostly in agriculture, human health and social work activities, and information and communication, the agency said.

However, this was offset by falls in industry, construction, and some market services, mainly wholesale and retail trade.

On an adjusted basis, GDP recovered 0.4 percent in the fourth quarter versus a 0.2 percent decline in the previous quarter.

Compared to the previous quarter, the Hungarian economy also stalled in the third quarter, when it grew by 0.8 percent.

Without adjustment, gross domestic product was 0.9 percent lower in 2023 compared to 2022.