Hungary's economy shrunk more-than-expected in the first quarter of the year, data released by the Central Statistical Office showed Tuesday.
Gross domestic product fell an unadjusted 0.7 percent year-on-year, after rising 1.4 percent in each of the previous two quarters. Economists had expected a 0.1 percent decline. It was the first GDP contraction in at least two years, according to the data released by the statistical office.
Stagnation was recorded in about half of the industries of the national economy, the agency said. The performance of information and communication industry increased, while that of construction declined significantly, it added.
After adjusting for calendar effects, the decline in GDP was 1.3 percent, following a 1.5 percent growth in the previous quarter. On a seasonally-and calendar-adjusted basis, GDP declined 1.5 percent annually, after a 1.2 percent gain in the previous quarter.
The Hungarian economy shrunk a seasonally-and calendar-adjusted 1.3 percent quarter-on-quarter in the first three months of the year, following a 0.1 percent contraction in the previous quarter.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.