Hungary economy posts modest 1.5% recovery

ISTANBUL

Hungary’s unadjusted gross domestic product (GDP) increased by 1.5% in the second quarter of the year compared to the previous quarter, according to the country’s statistical authority on Tuesday.

On a seasonally and calendar-adjusted basis, GDP rose by 1.3%, the data showed.

Key contributors to this growth included activity in construction and real estate, as well as the balance of product taxes and subsidies. However, economic growth was partly offset by a decline in industrial value added, which holds significant weight in the economy.

Seasonally and calendar-adjusted data revealed a 0.2% drop in economic performance compared to the previous quarter.

For the first half of the year, economic performance increased by 1.3% according to unadjusted data, and by 1.5% according to seasonally and calendar-adjusted data.