In the first three quarter of 2023, the Hungarian GDP contracted by 1.2%. As a result, we can be sure that the Hungarian economy will weaken in 2023.
Meanwhile, Hungary’s trade surplus reached 1.3 billion euros in September, widening from 665 million euros in the previous month, the Central Statistical Office (KSH) said in a second reading of data on Friday.
Exports fell by an annual 4.3 percent to 12.9 billion euros. Imports dropped by 19 percent to 11.5 billion euros.
Trade with other European Union member states accounted for 76 percent of Hungary’s exports and 69 percent of its imports during the month.
Hungary’s terms of trade improved 12 percent during the period as the forint firmed 4.3 percent to the euro and 11 percent against the dollar.
In January-September, Hungary’s exports increased by 7.2 percent year-on-year to 112.9 billion euros, while imports fell by 5.2 percent to 105.9 billion euros. The trade surplus reached 6.9 billion euros.
Hungary Q3 GDP up 0.9 pc q/q, KSH confirms
Hungary’s GDP grew by 0.9 percent quarter-on-quarter in the third quarter, adjusted for seasonal and calendar year effects, the Central Statistical Office (KSH) confirmed in a second reading of data released on Friday.
Adjusted for seasonal and calendar year effects, GDP dropped by 0.3 percent. For the period Q1-Q3, GDP fell by an annual 1.2 percent.
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2 Comments
Not a good look. And this is with our Politicians “Rule By Decree” to makes us more “effective” in our responses. Let’s look at some data – nothing like facts, and compare how we are doing, compared to our peers:
https://economy-finance.ec.europa.eu/economic-forecast-and-surveys/economic-forecasts/autumn-2023-economic-forecast-modest-recovery-ahead-after-challenging-year_en
Regarding our trade surplus. Latest is September:
https://tradingeconomics.com/hungary/balance-of-trade
“This marked the eighth straight month of trade surplus and the largest since June, as exports fell by 4.3% year-on-year to EUR 12,8 million, while imports declined at a much faster rate of 19% to EUR 11,5 million. Moreover, the majority of goods from both sections were destined for the EU markets, accounting 76% of exports and 69% of imports.”
So let us consider EU markets and all of our Politicians banter regarding new friends far away who are going to jumpstart our economy: “EU markets, account for 76 percent of exports and 69 percent of imports.” Regarding imports – we obviously know we are buying lots of Russian stuff (gas, we borrowed EUR 10 billion for Paks), I would love to see the numbers, there and see how we are doing.
Mihaly Varga – Finance Minister and Victor Orban, continue to dismally fail never looking at nor placing the need of Hungary to build its Capital.
Capital means for Hungary, if it had any, the ability to as a country, or in this case a Government, with any comprehension, how best to manage and grow the economy of Hungary, having Capital.
Capital – through Mihaly Varga & the Orban Government have failed to, as a country, grow the asset base of Hungary.
Mihaly & Orban factually have shrank the asset base – the Capital base of Hungary, drawing down on it, to over-all SURVIVE as a Government, a country, or used it for “other” means, that fall on wants as opposed to the needs of Hungarian day to day life-style.