FX.co ★ Hungarian Economy Expands 1.1%

Preliminary data from the Hungarian Central Statistical Office displayed a significant economic growth in Hungary for the first time in over a year. This growth was observed in the three months concluding in March.

Gross domestic product (GDP) on an unadjusted basis went up by 1.1 percent in the first quarter of the year, compared to the same span last year, which had shown no growth. This recent growth marks the first expansion since the last quarter of 2022.

The pivotal drivers behind this economic resurgence were market services, particularly information & communication and real estate activities.

Upon adjustment, GDP rose at a more rapid rate of 1.7 percent in the first quarter, a significant bump compared to the 0.5 percent increase recorded in the previous quarter. Furthermore, the Hungarian economy noted a 0.8 percent growth in the first quarter compared to the last quarter of 2023, which had shown no growth.