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.