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?