Q3 economic output was 6.1% higher than a year earlier

Economic growth showed a mixed picture in the EU. Hungary’s 6.1% annual growth rate was the second highest after Romania’s 8.0%, but its 0.7% quarterly growth rate was the fourth lowest.

Economic output in the European Union expanded by 2.1% compared to the previous quarter and by 3.9% compared to a year earlier, while in the euro area, the two growth rates were 2.2% and 3.7%, respectively. The lower quarterly growth rate but higher annual growth rate in Hungary is partly explained by the faster rebound of the Hungarian economy in earlier quarters.

Seasonally adjusted data show that the GDP increased in the EU and the euro area, as compared to the same period of the previous year (by 3.9% and 3.7%, respectively). In the European Union, only Romania (8.0%) is expected to see higher growth rate than Hungary, while Germany (2.5%), Slovakia (1.3%) and Bulgaria (0.4%) will see the lowest GDP growth rates in Q3 2021.

Due to the restart of the economy, the production of most industries developed favorably.

In Q3 2021, the gross sales revenue of commercial accommodation in tourism increased by almost one and a half times (47.0%) at current prices, thanks to a rebound in accommodation booking after the lifting of the restrictive measures.

Calendar-adjusted data show a 4.3% increase in retail sales relative to the same period of the previous year, while the output of the construction industry increased by 15.9% and industrial output increased by 5.7% in Q3.

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