2023.06.0114:10:00UTC+00Hungary GDP Contracts 0.9% In Q1, As Estimated

Hungary's?economy?contracted for the first time in nearly two years in the first quarter as initially estimated, data from the Hungarian Central Statistical Office showed on Thursday.

Gross domestic product fell an unadjusted 0.9 percent year-on-year in the March quarter, reversing a 0.4 percent rise in the previous quarter. That was in line with flash data published on May 16.

Further, GDP decreased for the first time since the second quarter of 2021.

On the expenditure side, household consumption expenditure fell 2.5 percent over the year, and government consumption expenditure was 4.5 percent lower.?

Gross fixed capital formation fell by 6.0 percent, while both exports and imports grew by 6.6 percent and 1.9 percent, respectively.

On a quarterly basis, the economy contracted 0.3 percent in the March quarter, slower than the 0.6 percent fall in the previous three-month period. In the initial report, the rate of decline was 0.2 percent.