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GDP down 2.3% y.o.y. in Q1 2021

Figures

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The gross domestic product of Hungary went down by 2.3% according to raw data and by 1.8% according to seasonally and calendar adjusted and reconciled data in the first quarter of 2021 compared to Q1 2020, according to the Central Statistical Agency (KSH).

On the other hand, the economic performance increased by 1.9% compared to Q4 2020, according to seasonally and calendar adjusted and reconciled data.

The main drivers of the increase were industry, financial, and insurance activities as well as information and communication.

The "annualized index", built on dynamics projected for the future and published for a long time in U.S. dissemination practice, indicates a 7.7% growth for the first quarter, KSH notes. The annualized index shows the extent of annual change, supposing that the volume change in the current quarter – compared to the previous quarter – continued for four quarters.

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