Hungary’s economy expanded at a swift pace, as initially estimated in the second quarter, according to the Hungarian Central Statistical Office’s latest data released on Tuesday.On an unadjusted basis, the gross domestic product (GDP) grew by 1.5 percent in the June quarter compared to the same period last year, following a 1.1 percent rise in the previous quarter. This result aligns with the preliminary data published on July 30.Notably, this marks the quickest growth since the third quarter of 2022.A deeper look into the expenditure components reveals that household consumption increased by 4.2 percent year-over-year, while government consumption decreased by 3.9 percent.Gross fixed capital formation experienced a significant decline of 15.4 percent, attributed to reduced investments in construction, machinery, and equipment. Meanwhile, net foreign demand saw a 1.0 percent increase, as imports declined at a faster rate than exports.On a quarterly basis, the Hungarian economy contracted by 0.2 percent following a 0.7 percent expansion in the March quarter, as per initial estimates.The material has been provided by InstaForex Company – www.instaforex.com
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