The Q4 figure was revised downward from 7.2% in the first reading released on Feb. 15, but full-year growth was unchanged.

KSH noted that full-year GDP was up 2.1% compared with 2019, the year before the coronavirus crisis.

Adjusted for seasonal and calendar year effects, fourth-quarter GDP rose by an annual 7.0%. In a quarter-on-quarter comparison, adjusted GDP rose by 2.0%.

ING Bank chief analyst Péter Virovácz said Q4 growth was supported by an “extraordinarily strong” performance in the construction sector, while the industrial sector did “surprisingly well” in spite of shortages and supply chain interruptions, boosting exports.

Whether that dynamic growth can be maintained is “a big question”, he added, pointing to the impact of the war in Ukraine on supply chains.

ING has knocked down its forecast for 2022 GDP growth to 5.7% from 6.2%, with “strong downside risks”, he said.

K&H senior analyst Dávid Németh said the base effect played “a big role” in last year’s marked growth and put this year’s GDP growth around 5.5%, although noting risks posed by the war in Ukraine, higher inflation and the coronavirus pandemic.