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Financial News: Hungary GDP Growth Halves In Q1

Hungary GDP Growth Halves In Q1

05/15/2020 - 11:50:00 (RTTNews)

(RTTNews) - Hungary's economic growth rate more than halved in the first quarter of this year as the coronavirus, or Covid-19, pandemic hurt production in most sectors, preliminary estimates from the statistical office showed on Friday.

Gross domestic product grew an unadjusted 2.2 percent year-on-year following a 4.5 percent increase in the fourth quarter of 2019. Economists had expected 2 percent growth. On a calendar-adjusted basis, the annual growth rate slowed to 1.8 percent from 4.5 percent in the previous quarter. After seasonal and calendar adjustments, GDP rose 2 percent year-on-year after a 4.4 percent growth in the previous three months. Compared to the previous quarter, the Hungarian economy shrank 0.4 percent in the first quarter after a 0.7 percent expansion in the previous three months.

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