Hungary GDP Q2 2017

Hungary

Hungary: Economic growth continues to accelerate in Q2

August 14, 2018

The Hungarian economy continued to expand robustly in the second quarter. According to preliminary data released by the Central Statistics Office (KSH) on 14 August, economic growth in Q2 came in at 4.6% year-on-year, above Q1’s 4.4% expansion and the highest reading since Q2 2014.

Buoyant household spending likely drove growth: Retail sales expanded at a strong pace throughout the quarter, underpinned by upbeat consumer confidence; tightening labor market conditions; and rising, but manageable, inflation. Moreover, soaring business confidence suggests fixed investment also expanded solidly, benefiting from increased EU funds. That said, industrial production growth slowed significantly from the previous quarter, partly due to the temporary cooling in the industrial sector seen throughout the EU.

On a quarter-on-quarter, seasonally- and calendar-adjusted basis, GDP growth decelerated from 1.2% in Q1 to 0.9% in Q2, the weakest reading in nearly two years.

More detailed data will be released on 5 September.

Hungary GDP Forecast


FocusEconomics Consensus Forecast panelists expect the economy to expand 4.0% in 2018, which is unchanged from last month’s projection. For 2019, the panel sees growth of 3.1%.


Author: Massimo Bassetti, Economist

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Hungary GDP Chart


Hungary GDP Q2 2018

Note: Year-on-year changes of working-day adjusted GDP in %.
Source: Hungarian Central Statistics Office and FocusEconomics Consensus Forecast.


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