Hungary GDP Q1 2022


Hungary: Economic growth records strongest reading since Q2 2021 in Q1 2022

June 2, 2022

Economic growth improved to 8.2% year on year in the first quarter, from 7.1% in the fourth quarter of last year. Q1's reading marked the best reading since Q2 2021.

The upturn reflected improvements in private consumption, public spending, fixed investment and exports. Household spending increased 14.6% in the first quarter, which was above the fourth quarter's 7.8% expansion. Government spending accelerated to a 6.4% expansion in Q1 (Q4 2021: +0.4% yoy). Meanwhile, fixed investment growth hit an over two-year high of 13.2% in the first quarter, up from the fourth quarter's 3.2%.

On the external front, exports of goods and services growth accelerated to 5.2% year on year in the first quarter, which marked the best reading since Q2 2021 (Q4 2021: +2.6% yoy). In addition, imports of goods and services growth sped up to 8.3% in Q1 (Q4 2021: +2.0% yoy).

On a seasonally-adjusted quarter-on-quarter basis, economic growth ticked up to 2.1% in Q1, compared to the previous quarter's 2.0% increase. Q1's reading marked the strongest growth since Q2 2021.

FocusEconomics panelists forecast GDP to expand 4.5% in 2022, which is down 0.1 percentage points from last month’s estimate. For 2023, our panel sees GDP growth at 3.8%.


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Hungary GDP Chart

Croatia GDP Q1  2022

Note: Year-on-year changes of GDP in %.
Source: Hungary Bureau of Statistics (CBS) and FocusEconomics Consensus Forecast.

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