Hungary: Economy continues to gather momentum
May 13, 2011
In the first quarter, GDP increased 2.4% over the same period last year, according to the flash estimate released by the Central Statistics Office (KSH) on 13 May. The reading, which represented an improvement over the 1.9% expansion tallied in the fourth quarter, was broadly in line with market expectations that had the economy growing 2.5%. The reading confirmed a gradual ongoing recovery, which is currently underpinned by solid external demand. A quarter-on-quarter analysis corroborated the acceleration suggested by the annual data, as the economy grew 0.7% in seasonally and calendar adjusted terms (Q4 2010: +0.5% quarter-on-quarter). A revised and complete set of data will be released on 9 June.