BUDAPEST, June 5 (Xinhua) -- Hungary's GDP in the first quarter of 2024 grew by 1.1 percent year-on-year according to raw data while the growth stood higher at 1.7 percent adjusted for calendar year effects, the Central Statistics Office (KSH) said Tuesday.
Moreover, GDP was up by 0.8 percent quarter-on-quarter, adjusted for seasonal and calendar year effects, KSH added.
"Based on today's data, the overall picture we had projected from the preliminary data has been confirmed: the stagnation and near-recession performance has ended, and the Hungarian economy may have started to recover," the leading local business portal Portfolio said following the publication of the data.
"From now on, we can expect to see positive quarterly GDP figures, and it is realistic to anticipate an annual average GDP growth of around 2.5 percent this year. Some analysts may even revise their forecasts upwards to around 3 percent," Portfolio also said.
According to KSH, Hungary's GDP plunged to negative territory in the first quarter of 2023, hitting rock bottom at -2.1 percent in the second quarter of 2023 before modestly rebounding with a 0.5 percent gain in the fourth quarter of 2023. The Hungarian government expects GDP growth to be around 2.5 percent in 2024. ■
