On the production side, agricultural output was 3.8% down on a year earlier, while industry grew by 2.5%, construction by 20.1% and services by 6.8%. This translates into a growth contribution of -0.2, 0.5, 1.0 and 3.8 percentage points for each sector, respectively.
On the consumption side, consumption grew by 5.2%, investment by 9.6% and government spending by 5.0%, adding 2.4, 2.7 and 0.5 percentage points to growth, respectively. The expansion of imports (5.6%) exceeded that of exports (1.4%), so the development of the foreign trade balance pulled back economic growth by 3.2 percentage points.
The Hungarian Central Statistical Office’s second estimate for Q3 2021 showed a 6.1% year-on-year increase in gross domestic product, due to both the rebound in the economy and the base effect. On a seasonally and calendar-adjusted basis, GDP volume was 6.1% higher than in the same period of the previous year, while it was 0.7% higher than in the previous quarter.
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