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HUNGARY: Drought Damage to Worsen in 3Q GDP, NBH Warns

HUNGARY
  • Commenting after data yesterday confirmed Hungary’s GDP contracted 0.2% Q/Q in Q2, the NBH warned that the end-summer drought will continue to hit GDP, with its effects potentially worsening in the third quarter. It noted that drought already hit agriculture output in Q2, which dropped 5.2% on a year-on-year basis.
  • Hungary is set to host informal meetings on budget and international environmental issues as part of its rotating EU presidency.
  • There are no major data releases scheduled for today, with retail sales and trade balance figures for July crossing the wires tomorrow. Industrial production data is scheduled Friday.
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  • Commenting after data yesterday confirmed Hungary’s GDP contracted 0.2% Q/Q in Q2, the NBH warned that the end-summer drought will continue to hit GDP, with its effects potentially worsening in the third quarter. It noted that drought already hit agriculture output in Q2, which dropped 5.2% on a year-on-year basis.
  • Hungary is set to host informal meetings on budget and international environmental issues as part of its rotating EU presidency.
  • There are no major data releases scheduled for today, with retail sales and trade balance figures for July crossing the wires tomorrow. Industrial production data is scheduled Friday.