BUDAPEST, Nov. 14 (Xinhua) -- Compared to the second quarter of this year, Hungary's economic output in the third quarter increased by 0.9 percent according to official figures, ending a technical recession.
Hungary's gross domestic product (GDP) decreased by 0.4 percent year-on-year in the third quarter, the country's Central Statistical Office (KSH) said on Tuesday citing preliminary data.
The KSH said the main contributors to the decrease in economic performance were industry and market services, mainly in wholesale and retail trade as well as in scientific, technical and administrative activities. On the other hand, the good performance of the agricultural sector improved the figure.
Minister of Finance Mihaly Varga said that Hungary's economy is now expected to return to growth.
"The technical recession has ended in Hungary, the Hungarian economy has entered a growth trajectory," Varga said in a short video posted on his Facebook page.
"The government's efforts in curbing inflation have supported this good performance. Real wages are increasing again, and despite the weakness in the European economy, agriculture, industry and exports have all strengthened," he added.
According to the KSH, Hungary's inflation rate dropped to 9.9 percent in October from a peak of 25.7 percent in January.
"We expect Hungary's economy to sustainably and significantly grow in the coming years," he concluded.
Hungary's economy shrunk by 1.2 percent year-on-year in the first three quarters, KSH also said.
