The domestic economy grew by 1.1% in the first quarter

By: Trademagazin Date: 2024. 05. 01. 12:52

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.

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