Hungarian GDP up 6.5% on Pandemic Year Base

Hungary’s gross domestic product increased by 6.5% in the 2nd quarter of 2022 compared to the corresponding period of the previous year. Raw data and seasonally and calendar adjusted and reconciled data were identical, the country's Central Statistical Office reports.

All sections contributed to the growth except for agriculture. Compared to the previous quarter, the economic performance rose by 1.1% according to seasonally and calendar adjusted and reconciled data.

The economic performance grew by 6.5% – according to both raw data and seasonally and calendar adjusted and reconciled data – compared to the same quarter of the previous year.

Almost all sections contributed to the increase, but mostly industry and market services. There were significant growths especially in the manufacture of food products and beverages as well as electrical equipment within industry and mostly accommodation and food service activities as well as transportation and storage among market services. A considerable downturn in agriculture slowed the growth.

Compared to the previous quarter, the performance of the economy was up by 1.1% in the 2nd quarter.

The economic performance was 7.3% higher in the first half of 2022 than in the corresponding period of the previous year.