According to the EU forecast, last year’s Hungarian GDP fell by 5.3 percent

By: Trademagazin editor Date: 2021. 02. 11. 11:42

According to the European Commission’s winter interim economic forecast, Hungary’s gross domestic product (GDP) fell by 5.3 percent in 2020, while the November forecast was about a 6.3 percent decline.

According to an analysis released by the panel on Thursday, industrial sales, particularly construction and retail sales, remained strong in October and November last year, despite closures caused by the coronavirus pandemic.

However, the second wave of the pandemic interrupted the relative recovery, so GDP declining somewhat in the fourth quarter of last year, mainly due to a fall in investment and services exports. According to the report, the introduction of easing could result in a rapid recovery in economic activity from mid-2021. (MTI)