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Hungary’s gross domestic product shrank 0.8% year-on-year in the third quarter of 2024, defying market expectations of a 1.3% growth and reversing a 1.5% expansion in the previous three-month period, preliminary estimates showed. This marked the first drop in the economy since the third quarter of 2023, mainly dragged down by the agriculture, industry and construction sectors. On the other hand, the downturn was partly offset by good performances of both market and non-market services. On a seasonally adjusted quarterly basis, the GDP declined by 0.7% in the third quarter of 2024, following a 0.2% decrease in the preceding period.