Economic performance 2.4% lower in 2nd quarter than in 2nd quarter 2022, good performance of agriculture lowers decrease
Hungary’s gross domestic product decreased by 2.4% according to raw data and by 2.3% according to seasonally and calendar adjusted and reconciled data in the 2nd quarter of 2023 compared to the corresponding period of the previous year. Compared to the previous quarter, the economic performance diminished by 0.3% according to seasonally and calendar adjusted and reconciled data.
The economic performance was 2.4% lower according to raw data and 2.3% lower according to seasonally and calendar adjusted and reconciled data in the 2nd quarter of 2023 than in the same period of the previous year.1
The largest contributors to the decrease in the economic performance were industry and market services, within which mainly transportation and storage as well as wholesale and retail trade. The good performance of agriculture lowered the reduction. The decrease in the value added of services was partly offset by a significant growth in human health and social work activities, the performance of which approximated the level before the Covid-19 pandemic.
Compared to the previous quarter, the performance of the economy diminished by 0.3%.
In the 1st half of 2023, gross domestic product was 1.7% lower than in the corresponding period of the previous year.
Volume indices of GDP
(corresponding period of previous year = 100.0)
(%)
| Year | Unadjusted, raw data | Calendar-adjusted data | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| quarter(s) | quarter(s) | |||||||||||||
| I | II | III | IV | I–II | I–III | I–IV | I | II | III | IV | I–II | I–III | I–IV | |
| 2020 | 102.1 | 87.2 | 95.8 | 97.2 | 94.3 | 94.8 | 95.5 | 101.9 | 87.2 | 95.8 | 96.8 | 94.2 | 94.8 | 95.3 |
| 2021 | 97.7 | 117.9 | 106.3 | 107.6 | 107.5 | 107.1 | 107.2 | 98.0 | 117.6 | 106.3 | 107.4 | 107.5 | 107.1 | 107.2 |
| 2022 | 108.2 | 106.5 | 104.0 | 100.4 | 107.3 | 106.2 | 104.6 | 108.0 | 106.5 | 103.8 | 100.8 | 107.2 | 106.0 | 104.6 |
| 2023 | 99.1 | 97.6 | 98.3 | 98.9 | 97.8 | 98.3 | ||||||||
Seasonally and calendar adjusted and reconciled volume indices of GDP
(%)
| Year | Quarter(s) | ||||||
|---|---|---|---|---|---|---|---|
| I | II | III | IV | I–II | I–III | I–IV | |
| corresponding period of previous year = 100.0 | |||||||
| 2020 | 101.9 | 86.8 | 95.8 | 96.7 | 94.4 | 94.8 | 95.3 |
| 2021 | 98.2 | 117.7 | 106.7 | 107.6 | 107.2 | 107.0 | 107.2 |
| 2022 | 108.0 | 106.2 | 103.7 | 100.7 | 107.1 | 105.9 | 104.6 |
| 2023 | 98.8 | 97.7 | 98.3 | ||||
Seasonally and calendar adjusted quarterly volume indices of GDP
(%)
| Year | Quarter | |||
|---|---|---|---|---|
| I | II | III | IV | |
| previous quarter = 100.0 | ||||
| 2020 | 99.6 | 85.5 | 111.8 | 101.6 |
| 2021 | 101.1 | 102.4 | 101.4 | 102.4 |
| 2022 | 101.5 | 100.8 | 99.0 | 99.4 |
| 2023 | 99.6 | 99.7 | ||