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Financial News: Hungary Growth Slows As Estimated In Q2

Hungary Growth Slows As Estimated In Q2

08/30/2019 - 10:06:00 (RTTNews)

(RTTNews) - Hungary's economic growth slowed in the three months to June and was the weakest in four quarters, latest data from the Hungarian Central Statistical Office showed on Friday, confirming initial estimates.

Gross domestic product grew a seasonally non-adjusted 4.9 percent year-on-year after a 5.3 percent increase in the first quarter. The pace of growth was the slowest since the second quarter of 2018, when it was the same. Calendar adjusted annual growth eased to 5.1 percent from 5.3 percent.

On a seasonally and calendar-adjusted basis, GDP growth was 5.2 percent, same as in the previous quarter. The flash estimate was 5.1 percent. Quarterly growth eased to 1.1 percent from 1.4 percent.

Most industries contributed to growth with market-based services and construction contributing the most, the agency said.

Household consumption growth slowed to 4.3 percent, while investments sustained strong momentum, surging 16 percent from the same period last year. For the first half of the year, GDP grew a non-adjusted 5.1 percent and a calendar adjusted 5.2 percent from a year ago. On a seasonally and calendar-adjusted basis, growth was 5.2 percent.

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