This growth was observed both in raw data and in seasonally and calendar-adjusted and reconciled figures, KSH noted.
Despite the year-on-year growth, the economic performance experienced a slight decline when compared to the previous quarter. The GDP fell by 0.2% in Q2 2024 on a seasonally and calendar-adjusted basis.
For the first half of 2024, Hungary’s economy exhibited robust growth. The GDP was 1.3% higher according to raw data and 1.5% higher when adjusted for seasonal and calendar effects, compared to the same period in the previous year.
The primary drivers of the GDP growth in the second quarter were construction and real estate activities. These sectors showed significant expansion, contributing positively to the overall economic performance. Additionally, the balance of product taxes and subsidies played a crucial role in boosting the GDP figures, the statistical office noted.
However, the growth was partially offset by a decrease in the value added by the industrial sector, which holds considerable weight in the economy.
KSH will publish the detailed estimate about Hungary’s Q2 economic performance in early September.
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