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GDP Falls 13.6% in Q2

Hungaryʼs gross domestic product (GDP) decreased in Q2 by 13.6% according to raw data, and by 13.5% according to seasonally and calendar-adjusted and balanced data, compared to the same period last year, according to the Central Statistical Office (KSH).

As a result of the emergency situation caused by the coronavirus epidemic, the production of most branches of the national economy fell, and both services and industry contributed greatly to the development of economic performance.

The performance of the national economy decreased by 6.1% in the first half of the year, according to raw data.

GDP for the first half fell an unadjusted 6.1% and an adjusted 5.8% year-on-year. Quarter-on-quarter GDP slipped an adjusted 14.5%.

In a statement published after the data was released, the Ministry of Finance acknowledged the unprecedented impact of the coronavirus crisis on the economic performance of European Union member states, but it noted that the economic contraction in Hungary was smaller than the 14.4% average decline for the EU in Q2.