Hungary GDP up 4.1% yr/yr in Q2
Monday, August 29, 2005, 00:00
Hungary's gross domestic product grew by 4.1% in the second quarter of 2005, the Central Statistics Office (KSH) said on Tuesday.
Hungary's economy grew by 3.5% year on year in the first half or by 3.9% when adjusted for calendar impacts. GDP growth in January-March came to 2.9% year on year. According to seasonally adjusted figures, the quarterly growth came in at 1.2% in Q2.
Ecostat has said in its monthly forecast in August that it expected the full-year GDP growth to come in at 3.7% year on year. In June, the researcher projected 3.5% growth for the year.
A week ago, the National Bank of Hungary (NBH) also raised its full-year GDP forecast to 3.9% from 3.6%, citing the impacts of the planned cut of the top value-added tax rate (to 20% from 25%) and a planned increase of the minimum wage as the reasons.