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Final GDP Reading Confirms 0.4% q/q Contraction in Q4-2022

HUNGARY
  • Final GDP fell 0.4% q/q in Q4-2022, in-line with preliminary readings and confirming the country fell into a recession, data released by the Central Statistical Office revealed this morning. The yearly figure rose 0.4%, matching the preliminary reading and expectations.
  • The war in Ukraine and the energy crisis caused by EU sanctions have "fundamentally" changed the economic environment, so the government must adjust the budget in the interest of protecting families and the economy, Finance Minister Varga said on Wednesday as cited by MTI.
  • Hungary is "being dragged into war" but its leadership is strong enough to keep the country away from the conflict, Prime Minister Orban said in an interview cited by MTI. This war "cannot be won", Orban said, adding that European political norms did not work in Russia, and Europe had to find a way to live together with a "large, dangerous power in our neighbourhood." On US politics, Orban insisted the war could have been avoided had former President Donald Trump remained in power, who is "a hope for peace... who could probably broker peace within weeks."
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