Hungary GDP Q2 2016


Hungary: Hungarian economy recovers from Q1's slump in Q2

August 12, 2016

Hungary’s economy regained some momentum in Q2, following Q1’s weak growth. GDP expanded 2.6% in Q2 over the same period last year, according to preliminary data released by the Central Statistics Office (KSH) on 12 August. The reading notably exceeded Q1’s meagre 0.9% expansion, which had marked the slowed pace of growth in three years, and market expectations of a softer 1.9% rise.

According to KSH, while an increase in market services, industry and agriculture supported the expansion, a weaker reading for construction dragged on Q2’s result. On a quarter-on-quarter basis, GDP increased a seasonally-adjusted 1.1% in Q2, which contrasted Q1’s 0.7% decline, which had marked the first drop in over three years. More detailed data will be released on 6 September.

FocusEconomics Consensus Forecast panelists expect a 1.9% expansion in 2016, which is down 0.1 percentage points from last month’s projection. For 2017, the panel expects growth to expand 2.6%.

Author: Teresa Kersting, Economist

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Hungary GDP Chart

Hungary GDP Q2 2016 0

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

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