In the first quarter, GDP declined 0.7% over the same period last year, according to data released by the Central Statistics Office (KSH) on 8 June. The print confirmed the flash estimate published on 15 May but contrasted an increase of 1.4% observed in the last quarter of 2011. Compared to the previous quarter, GDP contracted a seasonally adjusted 1.2%, which contrasted the flat reading observed in Q4 2011. The result mainly reflected a decline in fixed investment, which contracted 6.6% in the first quarter (Q4 2011: -4.5% year-on-year). In addition, private consumption growth slipped into the red, declining 0.7% (Q4 2011: 0.0% yoy). Government consumption, on the other hand, swung from a 1.8% contraction in the fourth quarter to a 1.0% expansion in the first. On the external side, exports added 1.9% in the first quarter, which was below the 4.9% rise observed in the fourth. Imports, on the other hand, contracted 0.3%, which contrasted the 1.7% increase observed in the last quarter of 2011. As a result, the net contribution from the external sector to overall growth remained positive but deteriorated from 2.9 percentage points in the fourth quarter to 2.2 percentage points in the first. The Central Bank expects the economy to grow 0.1% this year and 1.5% in 2013.
GDP contracts in the first quarter
June 8, 2012
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Hungary Economic News
October 11, 2016
In September, consumer prices rose 0.2% from the previous month, contrasting August’s 0.4% decrease.
October 7, 2016
According to preliminary data released by the Statistical Institute (KSH) on 7 October, industrial output in August rose a working-day adjusted 3.5% from the same month last year, rebounding from July’s 0.1% decrease and marking a four-month high. On a monthly basis, industrial production increased a seasonally- and working-day adjusted 1.6% in August, which followed July’s 0.3% decrease.
September 26, 2016
The GKI economic sentiment indicator advanced slightly from August’s minus 3.9 points, which was the lowest reading in over two years, to the still-low level of minus 3.6 points in September.
Hungary: Central Bank leaves base rate at 0.90%, continues easing monetary conditions by capping main deposit facility
September 20, 2016
The Central Bank of Hungary (NBH) held all rates constant at its 20 September monetary policy meeting, but continued easing monetary policy conditions by using unconventional monetary policy instruments.
September 9, 2016
In August, consumer prices fell 0.4% over the previous month, coming in below July’s softer 0.2% decrease.