Hungary's GDP up 8.2 pct in Q1-Xinhua

Hungary's GDP up 8.2 pct in Q1

Source: Xinhua| 2022-05-17 19:36:13|Editor: huaxia

BUDAPEST, May 17 (Xinhua) -- Hungary's first-quarter (Q1) gross domestic product (GDP) increased by 8.2 percent year-on-year, the country's Central Statistics Office (KSH) said Tuesday.

The GDP "increased by 8.2 percent according to raw data and by 8.0 percent according to seasonally and calendar adjusted data" in Q1 2022 compared to the corresponding period of the previous year, KSH said, adding that "almost all industries" contributed to the growth.

Compared to the previous quarter, the economy rose by 2.1 percent according to seasonally and calendar adjusted data, it said.

The 8.2 percent growth means the Hungarian economy continues to be crisis-proof, said Minister of Finance Mihaly Varga in a video posted on his Facebook page.

Almost all sectors contributed to the growth, with industry, construction and the financial sector performing well, but retail and tourism were also able to strengthen due to high employment and wage growth, he added.

The Russia-Ukraine conflict and the sanctions also threaten the growth of the Hungarian economy, said the minister. "We are working to keep the economy on a safe growth path, to maintain stability and the results we have achieved."