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Hungary's GDP Up 4.9% In Second Quarter

• 15 Aug 2019 8:06 AM
• Hungary Matters

Hungary's GDP rose by an annual 4.9% in the second quarter of 2019, the Central Statistical Office (KSH) said in a first reading of data.

The pace of growth decelerated from 5.3% in the first quarter. In the first half of the year unadjusted growth was 5.1% compared to 4.8% in the same period last year.

Market-based services, the construction sector and industry contributed mostly to growth in the second quarter of 2019, KSH said.

Adjusted for calendar year effects, GDP growth reached an annual 5.1% in the second quarter, down from 5.3% in the first quarter. In the first half of the year the growth rate was 5.2%, up from 4.8% in the same period last year.

 In a quarter-on-quarter comparison, GDP growth was up 1.1% in the second quarter, down from 1.4% in the first quarter, adjusted for seasonal and calendar year effects. Reconciled data, adjusted for seasonal and calendar year effects, show GDP climbed by an annual 5.1% in the second quarter, edging down from a 5.2% expansion in the first quarter.

Hungary’s updated Convergence Programme puts GDP growth for this year at 4.0%.

Analysts said the growth rate had exceeded expectations.

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