According to the report by the Hungarian Central Statistical Office, in Q1 2013 Hungarian GDP increased by 0.7 per cent in comparison to the previous quarter.
Compared to the corresponding period of the previous year, unadjusted data, and seasonally and calendar-adjusted data show that the Hungarian economy contracted by 0.9 per cent and 0.3 per cent, respectively.
On the expenditure side, household consumption decreased by 0.6 per cent in Q1 2013 compared to the level of one year ago, while the contraction regarding gross fixed capital formation totalled 5.6 per cent. Exports and imports were up by 1.3 per cent and 0.9 per cent, respectively. Net exports added 0.4 per cent to GDP growth.
According to revised Eurostat data – in line with prior forecasts – in the eurozone and the EU 27, negative growth of 0.2 per cent and 0.1 per cent, respectively, was recorded in the first quarter of 2013 compared to the previous quarter. Year-on-year, the contraction was 1.1 per cent in the eurozone and 0.7 per cent within the European Union.
In Q1 2013, in light of currently available data, Hungary’s quarter-on-quarter economic growth was the highest after that of Lithuania and Latvia, while the largest decline was registered in the Czech Republic and Estonia.
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