As most forecasts had reckoned, KSH attributed the increase as “mainly due to the increasing performance of industry agriculture and construction.”
Though indicating a positive trend, the rate was just a bit lower than what analysts polled by Portfolio.hu had figured this week, namely a 0.6% y.o.y. increase. Hungarian GDP also rose in the first quarter of this year at a rate of 0.7% y.o.y.
KSH also stated that, with seasonal adjustment, Hungary’s GDP increased 0.1% quarter-on-quarter.
Both Portfolio and the Wall Street Journal opined this week that a similar result to that reported this morning would indicate Hungary’s emergence from the recent recession period.
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