GDP grew by an annual 3.2% in the third quarter, slowing from 3.9% in the previous quarter, a first reading of data from the Central Statistical Office (KSH) has shown. The quarter-on-quarter growth rate was a seasonally- and calendar year-adjusted 0.5% in Q3, down from 0.8% in Q2. KSH said the industrial and farm sectors had been the engines of growth. Pál Pozsonyi, a department head at KSH, said growth may have slowed from Q2 because of lower output by the automotive industry in August and an economic slowdown in Germany. The government expects economic growth to slow from this year’s projected 3.2% in the years ahead and only return to 3% by 2018, the economic outlook for 2013-18 submitted with the 2015 budget bill shows. Trends in the real economy in 2016 will be significantly influenced by the fluctuation of EU transfers, because in that year only the resources from the new, 2016-2020 programming period will be accessible.
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