Financial News: Hungarian Economy Expands 1.1%

Hungarian Economy Expands 1.1%

04/30/2024 - 09:53:00 (RTTNews)

(RTTNews) - Hungary's economy grew for the first time in more than a year in the three months ending March, preliminary data from the Hungarian Central Statistical Office showed on Tuesday.

On an unadjusted basis, gross domestic product advanced 1.1 percent in the March quarter from last year, following a flat change in the previous quarter.

Further, this was the first expansion since the fourth quarter of 2022.

The main contributors to the increase in economic performance were market services, mainly real estate activities as well as information and communication, the agency said.

On an adjusted basis, GDP rose at a faster pace of 1.7 percent in the first quarter versus a 0.5 percent increase in the previous quarter.

Compared to the previous quarter, the Hungarian economy grew 0.8 percent after remaining stagnant in the final quarter of 2023.

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