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GDP grows by 2.2% y.o.y. in Q1 2020

Hungaryʼs GDP grew by 2.2% according to raw data in the first quarter of 2020 compared to the same period of the previous year, according to a report by the Central Statistical Office (KSH).

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GDP increased by 2% according to seasonally and calendar adjusted and reconciled data.

KSH notes that the extraordinary situation resulting from the coronavirus pandemic had a negative impact on the production of most sections. 

On the other hand, market services and, to a lesser extent, industry continued to be the driving forces for growth in the quarter as a whole.

Compared to Q4 2019, the volume of GDP decreased by 0.4%, according to seasonally and calendar adjusted and reconciled data.