Financial News: Hungarian Economy Shrinks 0.9%

Hungarian Economy Shrinks 0.9%

05/16/2023 - 08:55:00 (RTTNews)

(RTTNews) - Hungary's economy contracted for the first time in nearly two years in the first quarter, in line with expectations, preliminary data from the Hungarian Central Statistical Office showed on Tuesday.

Gross domestic product fell an unadjusted 0.9 percent year-on-year in the March quarter, reversing a 0.4 percent rise in the previous quarter.

Further, GDP decreased for the first time since the second quarter of 2021.

On an adjusted basis, the economy contracted 1.1 percent in the first quarter versus a 0.8 percent increase in the final quarter of 2022.

The largest contributor to the decrease in economic performance was industry, the agency said.

Compared to the previous quarter, GDP fell an adjusted 0.2 percent in the first quarter, following a 0.6 percent fall in the preceding three-month period.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

European Economic News Preview: Eurozone GDP Data Due (31 min(s), 33 sec(s) ago)
(RTTNews) - Revised quarterly national accounts data from the euro area is due on Thursday, headli ...Full Story»

Japan Overall Bank Lending Rises 3.4% On Year In May (31 min(s), 27 sec(s) ago)
(RTTNews) - Overall bank lending in Japan was up 3.4 percent on year in May, the Bank of Japan sai ...Full Story»

Japan GDP Climbs 0.7% On Quarter In Q1 (16 min(s), 27 sec(s) ago)
(RTTNews) - Japan's gross domestic product expanded a seasonally adjusted 0.7 percent on quart ...Full Story»

Japan GDP Data Due On Thursday (21 min(s), 27 sec(s) ago)
(RTTNews) - Japan will on Thursday release Q1 numbers for gross domestic product, highlighting a m ...Full Story»

Japan Leading Index At 5-Month High (46 min(s), 27 sec(s) ago)
(RTTNews) - Japan's leading index strengthened in April to reach its highest level in five-mon ...Full Story»

Brazil's Inflation Eases To 3.94%, Lowest In 31 Months (38 min(s), 27 sec(s) ago)
(RTTNews) - Brazil's consumer price inflation eased further in May to reach its lowest level i ...Full Story»

Bank Of Canada Resumes Raising Interest Rates (35 min(s), 27 sec(s) ago)
(RTTNews) - After leaving interest rates unchanged for two straight meetings, the Bank of Canada o ...Full Story»

Estonia Inflation At 16-month Low (28 min(s), 27 sec(s) ago)
(RTTNews) - Estonia's consumer price inflation eased for the fourth straight month in May to t ...Full Story»