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Final Q2 GDP Readings Confirm Hungary Remained In Recession

HUNGARY
  • Hungary's economy continued to struggle to return to growth in Q2, according to final GDP data for that period. Seasonally adjusted GDP contracted by 0.3% Q/Q, in line with expectations and the flash reading. Non-seasonally adjusted GDP shrank 2.4% Y/Y, also confirming the preliminary reading. The Central Statistics Office (KSH) said that industrial output fell by 5.7% Y/Y, construction output dropped by 6.0% Y/Y. However, farming production rose by 67.9% Y/Y, slowing the decrease in GDP by 1.7pp.
  • In other data releases, Hungary's trade surplus rose to EUR1.568bn in June, according to the final reading (flash: EUR1.481bn). Elsewhere, Manufacturing PMI improved to 46.5 from the revised 45.9, beating the 45.3 consensus forecast.
  • Moody's is set to review Hungary's credit rating today. The update will likely be released after hours.
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