Hungary’s second-quarter GDP grew by an annual 17.9 percent after a double-digit decline in the base period, a first reading of data released by the Central Statistical Office (KSH) on Tuesday shows.
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Adjusted for seasonal and calendar year effects, GDP climbed by 17.7 percent. In a quarter-on-quarter comparison, GDP rose by a seasonally- and calendar year-adjusted 2.7 percent. KSH noted that unadjusted GDP was 2.2 percent higher than in Q2 2019, before the start of the pandemic.
First-half GDP was up by 7.6 percent year on year.
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Finance Minister Mihály Varga said in a message posted on Facebook that the fresh data show the economic recovery in Hungary is moving forward at a pace that is “among the fastest in the European Union”.
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He said
the structure of growth is “healthy”
and extends to “a broad range of economic sectors”. Pandemic-related government measures to aid the recovery could contribute 8.4 percentage points to economic growth this year, he said.
“Now the goal is to preserve the [growth] advantage the Hungarian economy enjoys compared to the European Union.
That’s why we’re continuing an economic policy based on tax cuts, workplace creation, investment incentives and family support,” he added.
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Takarékbank chief analyst Gergely Suppán said full-year GDP growth could reach 6.8 percent this year even if growth stagnates in the second half.
Takarékbank is modifying its full-year forecast from 7.7 percent to “around 8 percent”, he added.
K+H Bank senior analyst Dávid Németh said the lender is raising its projection for full-year growth from 6.7 percent to “over 7 percent” in light of the Q2 data, but noted the downside risk of the global impact of further pandemic waves caused by Covid variants.
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Source: MTI
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