Hungarian GDP Decreases by 13.6%

The volume of gross domestic product declined by 13.6% in Hungary in the 2nd quarter of 2020 compared to the corresponding period of the previous year, the country’s Central Statistical Office reports.  

The extraordinary situation resulting from the corona virus pandemic had a disadvantageous impact on the performance of most sections of the economy. According to seasonally and calendar adjusted and reconciled data the performance of the economy went down by 13.5% compared to the corresponding quarter of the previous year and by 14.5% compared to the previous quarter. In the first half of the year, the economic performance lessened by 6.1% according to raw data.

The performance of industry shrank by 20.1%, within which that of manufacturing by 21.7% compared to the same period of the previous year. Among manufacturing branches, the increase in the manufacture of basic pharmaceutical products and pharmaceutical preparations moderated the decline, and the largest contributor to the decrease in the value added of industry was the manufacture of motor vehicles, trailers and semi-trailers. The value added of construction fell by 13.2%. The performance of agriculture lessened by 2.1% compared to the corresponding period of the previous year.