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Economy Shrinks 0.4% in Q4-2022, Confirming Technical Recession

HUNGARY
  • Hungary’s economy shrank a less-than-expected 0.4% QoQ (Exp: -1.1% QoQ, Prior: -0.4% QoQ) in Q4-2022, its statistics office said Tuesday, confirming the country fell into a technical recession. The non-seasonally adjusted preliminary figure rose 0.4% y/y (Exp: +1.2% y/y). Hungary is the second country in the CEEMEA region after the Czech Republic to fall into recession.
  • In its winter forecast released yesterday, the European Commission raised its projection for Hungary's GDP growth this year to +0.6% from a previous forecast of +0.1%, Bloomberg report. The EC said Hungary's economy contracted by 0.4% in the Q3-2022 as the impact of earlier fiscal stimulus faded and severe droughts hit agricultural production.
  • There is little else in the way of economic releases or speakers scheduled today. Markets will look ahead to Orban’s State of the Nation speech on Saturday.
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