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GDP Data Confirms Deepening Recession, Though Beats Estimates

HUNGARY
  • Hungary’s gross domestic product posted its third consecutive quarterly contraction in Q1, falling 0.9% y/y, roughly in-line with estimates of a 1% contraction. The QoQ figure fell by 0.2% (versus a revised 0.6% contraction prior), significantly beating market consensus of a deeper 0.7% QoQ drop.
  • The drop in industry output contributed the most to the continuing recession but was moderated by the performance of agriculture and services, a statement from the statistics office read. Performance of the healthcare sector approached pre-pandemic levels and drove growth of services, it added. A detailed reading of the data will be published on June 1.
  • China is investing EUR3bln in Hungary's automotive industry in the coming period, minister of foreign affairs and trade Peter Szijjarto said after talks with China's Minister of Commerce Wang Wentao yesterday in Beijing as per MTI. He also said Hungary and China could count on each other in "increasing the voice of the peace camp". The two countries closely cooperated towards achieving a ceasefire as well as the start of peace talks in Ukraine, he said.
  • There are no major economic releases scheduled today, or indeed for the remainder of the week, ahead of next week’s NBH rate decision.
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