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GDP Data Expected to Show Hungary in a “Gentle Recovery Phase”, ING Say

HUNGARY
  • In Hungary, ING expect a significant positive contribution from agriculture to Q4-2023 GDP thanks to base effects and supportive weather, while industry, construction and services will all contribute negatively to the year-on-year GDP growth index. But once again, the low base will save the day, they add. Data is released tomorrow at 07:30GMT/08:30CET.
  • As the fourth quarter of 2023 had two fewer working days than the last quarter of 2022, ING expect significant revisions to previous data points due to seasonal adjustments. In short, they say we will see an economy in a gentle recovery phase, emerging from a technical recession.
  • ING add that despite the positive momentum in the second half of the year, the full-year performance remains disappointing, with a 0.7% contraction in 2023.
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