• Coronavirus in Hungary
  • Budapest
  • Hungary border control
  • HelloMagyar
EnglishFrenchGermanSpanish
EnglishFrenchGermanSpanish
Hungary GDP down 2.3pc y/y in Q1Hungary GDP down 2.3pc y/y in Q1Hungary GDP down 2.3pc y/y in Q1Hungary GDP down 2.3pc y/y in Q1
  • Politics
  • Business
  • Society
  • Sport
  • Culture
  • Special Hungary
  • News To Go
  • World
  • Contact Us
  • About us
  • About us
  • Contact Us
  • Privacy Policy
✕
Breaking News
Support us
Daily News Daily News · 18/05/2021
· Business

Hungary GDP down 2.3pc y/y in Q1

economy Hungarian economy Hungary
Daily News Hungary economy

Hungarian economic output contracted by an annual 2.3 percent in the first quarter, the Central Statistical Office (KSH) said in a first reading of data released on Tuesday.

The scale of the contraction was the smallest since the start of the coronavirus crisis. Hungary’s annual GDP has declined every quarter since Q2 2020.

Adjusted for calendar-year effects, output dropped by 2 percent. GDP declined by 1.8 percent based on a seasonally and calendar year-adjusted data.

In a quarter-on-quarter comparison, GDP rose a seasonally and calendar year-adjusted 1.9 percent.

KSH said that growth was supported by expansion in the industrial, finance and insurance, and ICT sectors.

Mihály Varga, the finance minister, told a press conference after the data release that Hungary’s economy started its recovery at a far faster clip than expected, achieving the highest growth rate in the European Union on a quarter-on-quarter basis. Here, analysts had forcast growth of a mere 0.3 percent and a sharper contraction of 4 percent year on year.

The data, he added, indicate that the economy has put government subsidies to good use and adapted to Covid-related challenges well.

Further, the combination of Hungary’s vaccination campaign and economic policy has given the country a head start over other EU member states, he said. Double-digit growth is likely in the second quarter, too, Varga said, forecasting a speedier recovery than expected, with annual growth of 4.3 percent in the full year.

  • Orbán cabinet: EU RRF credit ‘not the most suitable’ for achieving natl goals
national bank of Hungary -mnb nbh
Read alsoHungarian central bank policy makers could weigh rate hike in June

economy Hungarian economy Hungary
Share
Daily News
Daily News

Leave a Reply

Your email address will not be published. Required fields are marked *

SUPPORT US

Subscribe to our newsletter

Sign up to receive daily updates, news & stories about Hungary!

Select your location below or enter your country so we can deliver our morning newsletters to you in time.


Thank you!

You have successfully joined our subscriber list.


.

Latest news
  • Hungarian economy will skyrocket in 2024?
  • Hungarian green party calls for a referendum on the establishment of battery factories
  • Budapest ranked 7th best cultural destination in the world by Tripadvisor
  • Good news for passengers! Budapest Airport to be renovated
  • The Indian community also celebrated the Republic Day in Budapest – Photo gallery
  • Orbán government loses billions in EU funding
  • A surprising twist! HUF has not done this for a long time
  • 5 reasons to learn Hungarian

About us

Contact us

Copyright rules

© 2023 DailyNewsHungary. All rights reserved! | Server and development by Svigelj Levente E.V