Hungary: Economy stalls in the second quarter
August 16, 2011
In the second quarter, GDP grew a subdued 1.5% over the same period last year, according to the flash estimate released by the Central Statistics Office (KSH) on 16 August. The print came in well below both the 2.5% expansion observed in the first quarter and market expectations, which had growth virtually unchanged at 2.3%. Compared to the previous quarter, GDP remained flat on a seasonally adjusted basis, which also came in below the 0.7% expansion observed in the first quarter. A revised and complete set of data will be released on 8 September. The Central Bank projects the economy to grow 2.6% in 2011 and 2.7% in 2012.