The Hungarian economy has fallen into recession. This is clear from an assessment by the Hungarian Statistical Office, according to which the country's gross domestic product (GDP) decreased by 0.7% in the third quarter of 2024 compared to last year, Euronews reported.
Compared to the previous quarter, GDP also fell by 0.7%, and then there was a fall of 0.2%. This shows that the Hungarian economy has fallen into recession because it has had negative growth for six months.
However, the Hungarian Statistical Office reports that GDP in the first nine months of the year is 0.7% higher than in 2023.
We recall that on September 25, Prime Minister Viktor Orbán announced that Hungary aims to increase economic growth in the range of 3% to 6% next year.
Since coming to power in 2010, Orbán has struggled to revive Hungary's economy after a recession fueled by inflation, which reached more than 25% in the first quarter of 2023 - the highest level in the European Union.