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Financial News: Hungary Q2 GDP Record Fall Unrevised

Hungary Q2 GDP Record Fall Unrevised

09/01/2020 - 12:31:00 (RTTNews)

(RTTNews) - Hungary's economy shrank at a record pace in the second quarter, as the coronavirus pandemic hurt activity severely, latest data from the statistical office showed on Tuesday. Gross domestic product decreased an unadjusted 13.6 percent year-on-year after a 2.2 percent growth in the first quarter. The flash estimate was thus confirmed.

The extraordinary situation resulting from the corona virus pandemic had a disadvantageous impact on the performance of most sections of the economy, the statistical office said. On a seasonally and calendar-adjusted basis, GDP fell 13.5 percent year-on-year after a 2 percent growth in the previous quarter. Compared to the previous three months, GDP decreased 14.5 percent in the second quarter after a 0.4 percent fall in the previous quarter. Industrial sector output slumped 20.1 percent year-on-year with a 21.7 percent decline in manufacturing. Construction output decreased 13.2 percent.

Gross value added of services decreased 12.2 percent with the biggest falls seen in arts, entertainment and other services and transportation and storage, respectively. Household consumption fell 8.6 percent and investment decreased 13.5 percent. Exports tumbled 24 percent and imports dropped 15.8 percent.

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