“Declining investments and slowing export growth” were the main reasons behind the economy stalling, statistician Péter Szabó told reporters today, says Bloomberg.
Construction output slumped 10.3% in the second quarter from a year earlier and the financial industry’s output slumped 4.6%. Agricultural production rose 24% in the quarter from the April-June period of 2010, Bloomberg continues.
The final consumption of households rose 0.1% in the second quarter from a year earlier after declining in the two previous quarters. Export growth slowed to 8.8% from 14.4% in the first quarter. Investments dropped 8.1%.
Growth in Hungary’s industrial production, the biggest component of GDP with a weight of as much as 25%, slowed to 2.7% in July from 12.5% a year earlier. Retail sales dropped 0.5% in June and contracted for 41 consecutive months through June 2010.