Disappointing GDP figures released

Tourism

The Central Statistics Office (KSH) tweaked its previous announcement and published last Friday that GDP growth for Q2 of 2007 was 1.2% over Q2 of 2006. The foreign trade deficit was down €1 billion.

GDP grew by 0.1% compared to Q1 of this year. According to analyst Bálint Török of brokerage firm Buda-Cash, the government’s austerity measures took a heavier toll on GDP growth than expected; he did not expect an improvement in the short run, but added that the GDP growth could surpass 2% for the whole year.

Raiffeisen Bank analyst Zoltán Török, meanwhile, dubbed the current state of the economy “dreadful” and maintained that only external circumstances keep the country from falling into recession. Török predicted a slight improvement for the Q4, and also argued for an annual GDP growth surpassing 2%.

The deficit of foreign trade was €639.2 million ($880 million) in Hungary in the first seven months of this year, €958 million ($1,320 billion) less than a year earlier, the Central Statistics Office (KSH) reported. Exports accounted for €38.441 billion ($52,972 billion) and imports for €39,080 billion ($53,844 billion) in this period. In the first six months of the year the foreign trade deficit was just €753 million (1,037 billion) lower than a year earlier. (Gazdasági Rádió)

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