Hungary GDP growth slows

Hungary’s annual GDP growth slowed to 0.4 percent in the fourth quarter of 2022 from 4.0 percent in Q3, the Central Statistical Office (KSH) confirmed in a second reading of data on Thursday.

Adjusted for seasonal and calendar year effects, growth was 0.8 percent.

Quarter on quarter, adjusted GDP edged down 0.4 percent, falling for the second quarter in a row.

For the full year, GDP growth reached 4.6 percent.

Hungary had a EUR 2.182 billion surplus in trade of services in the fourth quarter of 2022, narrowing from 2.718 billion in the previous quarter, the Central Statistical Office (KSH) said.

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Exports of services increased by 17.9 percent to EUR 7.585 billion during the period. Imports of services rose by 8.7 percent to 5.403 billion.

The surplus in tourism services reached EUR 611 million, falling from 984 million in Q3. The surplus for logistics services narrowed to 711 million from EUR 908 million. The surplus for business services widened to EUR 497 million from 417 million.

Trade with other European Union member states accounted for 70 percent of Hungary’s service exports and 63 percent of its service imports.

Hungary’s biggest partner in trade of services was Germany, accounting for 19 percent of turnover. The United States was runner-up, with a 9.5 percent share, followed by Austria with 7.3 percent.

For the full year, the surplus in the trade of services reached EUR 9 billion, widening from 5.899 billion in 2021. Exports rose by 28.3 percent to EUR 29.452 billion and imports climbed 19.8 percent to 20.437 billion.

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Source: MTI