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GDP Grows Annual 1.1% in Q1 (Est: +1.3%)

HUNGARY
  • GDP rose an annual 1.1% in Q1-2024 (Est: +1.3% y/y) after no growth in 4Q-2023 and a three-quarter recession before that, the Hungarian statistics office said this morning. GDP grew 0.8% quarter-on-quarter.
  • As a reminder, Prime Minister Viktor Orban’s government has downgraded its economic growth forecast to an annual 2.5% for this year from 4%. Meanwhile, the cabinet said it would postpone about HUF 675bn ($1.7bn) in state-funded investments to meet its upwardly revised deficit goal of 4.5% of GDP for this year.
  • Hungary’s producer prices rose 0.1% m/m in March (Prior: +0.5%), with the year-on-year figure seen contracting 3.0% (Prior: -4.3% y/y). There are no other domestic economic releases on the docket today, trade balance and manufacturing PMI figures will cross on Thursday.
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