Financial News: Hungary Q2 GDP Growth Confirmed At 1.5%

Hungary Q2 GDP Growth Confirmed At 1.5%

09/03/2024 - 04:20:00 (RTTNews)

(RTTNews) - Hungary's economy expanded at an accelerated pace as initially estimated in the second quarter, the latest data from the Hungarian Central Statistical Office showed on Tuesday.

On an unadjusted basis, gross domestic product grew 1.5 percent in the June quarter from last year, following a 1.1 percent rise in the previous quarter. That was in line with the flash data published on July 30.

Further, this was the quickest growth since the third quarter of 2022.

The expenditure breakdown showed that household consumption grew 4.2 percent from last year, while government consumption dropped by 3.9 percent.

Gross fixed capital formation fell sharply by 15.4 percent as the volume of investments in construction, machinery, and equipment contracted. Meanwhile, net foreign demand was 1.0 percent higher as imports fell faster than exports.

Compared to the previous quarter, the Hungarian economy shrank 0.2 percent after expanding 0.7 percent in the March quarter, as estimated.

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