The domestic economy grew by 1.1% in the first quarter
In the first quarter of this year, the performance of the economy increased by 0.8% compared to the previous quarter, according to adjusted data, which is more favorable than our expectation of 0.5% and the corresponding market consensus. With this, the domestic economy leaves behind the downward trend that lasted for several quarters for the fourth quarter.
Compared to the same period of the previous year, the Hungarian economy grew by 1.1%, according to the raw data, while adjusted for seasonality and the effect of working days, the increase was 1.7%. Regarding the preliminary GDP data, it is interesting that the rate of seasonally adjusted growth exceeded the raw data, despite the fact that the leap year effect would rather explain the opposite. The background of the higher adjusted data was that there were two fewer working days in the first quarter of this year than in the same period of 2023. The latest data is in line with our forecast for 2024, we expect economic growth of over 2% from the second quarter (on a year-on-year basis), the economy may expand by 2.7% this year as a whole.
Related news
The European Union started the year with significant growth and a decrease in inflation
According to the latest report of the European Commission, at…
Read more >NGM State Secretary: the restoration of consumption and the credit market is among the most important economic policy goals
The state secretary responsible for economic strategy, financial resources and…
Read more >Coface: Minimal GDP growth in the region, insolvency also increased
As a result of the economic downturn, the number of…
Read more >Related news
An all-around convincing performance by this year’s EuroCIS
This year’s EuroCIS – the leading trade fair for the…
Read more >Beyond Meat expands into Co-op in the UK
Beyond Meat’s plant-based alternatives are now available in 800 Co-op…
Read more >Sweden’s Essity Invests In New Research And Development Centre
Swedish hygiene products maker Essity is investing in a new…
Read more >