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GKI still sees Hungary economy stagnating in 2013

Analysis

In spite of better-than-expected first-quarter GDP data, research company GKI still expects Hungary's economy to stagnate this year. GKI put the change in Hungary's GDP this year at “a few tenths of a percent of positive or negative growth.” Much will depend on the weather and its effect on the farm sector, it added. Data published by the Central Statistics Office (KSH) early Wednesday showed Hungary's economy grew by 0.7% quarter-on-quarter in Q1, after contracting 0.4% in Q4. Revisions to earlier published data showed Hungary came out of recession -- in the conventional sense of two consecutive quarters of negative growth -- in Q3 of last year, earlier than previously thought. GKI said the Q1 data was a correction after a weak Q4. The outlook for exports, consumption and investments is not promising, it added. Hungary's government expects GDP to grow 0.7% this year.

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