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HUNGARY: Hungarian Economy Unexpectedly Contracts in Q2

HUNGARY
  • Hungary’s GDP fell 0.2% compared to the previous quarter, according to preliminary data released by the statistics office this morning. The economy expanded 1.5% on a year-on-year basis, well below estimates of +2.3% growth.
  • “The main contributors to the increase in the economic performance were construction and real estate activities, as well as the balance of product taxes and subsidies. The economic growth was lowered by a decrease in the value added of industry, representing a large weight in the economy as a whole,” the statistics office wrote on its website.
  • Last week, Economy Minister Marton Nagy downplayed Q2 growth prospects, saying the figures probably won’t show an improvement from the first three months of the year because of struggling industrial exports to western Europe. For 2024 overall, he said economic growth will probably be in the 2-3% range (in-line with the NBH’s forecast).
  • Looking ahead to the remainder of the week, PPI, trade balance and manufacturing PMI figures are all on the docket.
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion
CEEMEAEM BulletBulletGlobalEmerging Market NewsHungaryRegion

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