It attributed the improved growth rate in Q2 to better performance in market services, industry and the farming sector. Adjusted for seasonal and calendar year effects, the annual Q2 growth rate was 1.8%.

The quarter-on-quarter rate was 1%. ING Bank chief analyst Péter Virovácz said he was standing by his forecast for full-year growth of 2.2%, in spite of increased chances for an even higher rate.

For growth to reach the 2.5-3% rate projected by the economy ministry and the National Bank of Hungary, a pickup in investments will be necessary.

Erste Bank senior analyst Gergely Ürmössy raised his projection for full-year growth from 2.0% to 2.1% after the release of the data.

Republished with permission of Hungary Matters, MTI’s daily newsletter.