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)

ADVERTISEMENT

PMI rises to 57 in June Analysis

PMI rises to 57 in June

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

Tihamér Tóth appointed European Court judge Appointments

Tihamér Tóth appointed European Court judge

FINA head thanks Hungary for hosting 2022 worlds City

FINA head thanks Hungary for hosting 2022 worlds

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.