Hungarian economy struggles: latest figures reveal significant downturn

The Hungarian Central Statistical Office (KSH) has detailed how the GDP data for April-June were compiled, confirming the worst expectations in the Hungarian economy.

The KSH confirmed in a second reading of data on Tuesday that Hungary’s GDP rose 1.5 percent year over year in the second quarter.

Adjusted for calendar year effects, GDP rose 1.3pc.

In a quarter-on-quarter comparison, GDP edged down 0.2pc, adjusted for seasonal and calendar year effects.

On the production side, headline GDP was lifted by 1.4pp from services, 0.4pp from the balance of taxes and subsidies on products, and 0.3pp from the construction sector. The farm sector reduced economic performance by 0.2pp and industry by 0.5pp.

On the expenditure side, the trade balance contributed 1.0pp to GDP growth and final consumption 1.9pp. Gross capital formation had a 1.4pp negative impact on GDP.

The Central Statistical Office (KSH) said in a second reading of data on Monday that the value of exports in euro fell by 9.9% compared with a year earlier, read details HERE.

read also: Hungarian government plans significant minimum wage increase – Could EUR 1,000 become the new standard?

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"Square Peg in a Round Hole" - Finance Minister of Hungary - Mihaly Varga :

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says:

03/09/2024 at 17:33

Hungarians – REMEMBER – REMEMBER – the “Dub” – he has PROVEN time after time – what a DISASTER he is as a Finance Minister – Mihaly Varga.
REMEMBER – that in July, Varga he idiotically commenced “Mouthing Off” – that the Hungarian Economy had returned to a Growth Phase.
REMEMBER – this Minister of Finance of Hungary – from 2013-2018 as Minister of National Economy then from 2018 a title change to Minister of Finance.
Mihaly Varga – never without the current Prime Minister of Hungary – Victor Mihaly. Orban – never solely acting ALONE but “counter signed” by Orban – over 11 years from an Economic & Financial perspective – what THEY have DELIVERED Hungary.
There “GIVING” to us has resulted in us as a country – STRUGGLING massively for SURVIVAL.
The opinion(s) are no greater expressed than in the “Speakeasy” of (2) two mainly used in Brussels – the “off the record” factual talk.
The talk – the NEGATIVITY of talk constant, when the name Mihaly Varga is “needed” in being discussed, arising from some, working directly with, or “feeding” the area he is of Leadership – through Hungary’s time of Presidency – in the Economic & Financial Affairs Council.
It grows in SIZE – the growing lack of RESPECT and Confidence, in his competency, that HIGHLIGHTS – he is “starved” of an intellectual capacity to be of any real EFFECTIVENESS in the role he plays.
“No wonder Hungary is in the MESS it is with Varga as there Finance Minister “.
Hungary – we HAVE been FAILED and NO Greater example of a FAILURE in his RESPONSIBILITIES as a Government Minister in his SERVICE to the people of Hungary is that of Mihaly Varga, a DISASTER.