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Financial News: Hungary's GDP Growth Eases Slightly In Q4

Hungary's GDP Growth Eases Slightly In Q4

02/14/2020 - 05:49:00 (RTTNews)

(RTTNews) - Hungary's economic growth eased slightly in the fourth quarter, flash estimate published by the Hungarian Central Statistical Office revealed Friday.

Gross domestic product advanced by seasonally and calendar adjusted 4.6 percent on a yearly basis after rising 4.7 percent a quarter ago.

GDP grew by calendar adjusted 4.5 percent versus 4.8 percent a quarter ago.

Quarter-on-quarter, the economy expanded 1 percent in the fourth quarter, slightly slower than the 1.1 percent expansion seen in the third quarter.

In 2019, GDP rose 4.9 percent compared to a year earlier.

Despite the widespread expectation of a marked slowdown in GDP growth, Hungary was able to post growth of 4.5 percent, Peter Virovacz, an economist at ING said. This should be enough to keep Hungary in pole position in Europe, he added.

"Looking ahead, we need to focus on the possible external and domestic effects of the coronavirus, the oil price and the Hungarian forint, to determine whether the March rate-setting meeting will be a true gamechanger for monetary policy," the economist said.

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