The Hungarian economy contracted for the second consecutive quarter in the second quarter, preliminary data released by the Central Statistical Office showed Tuesday.
Gross domestic product (GDP) decreased 1.2 percent year-on-year in the second quarter, slower than the revised 0.7 percent decrease seen in the first quarter. In the fourth quarter, the economy expanded by 1.4 percent.
Stagnation was recorded in about half of the industries of the national economy. The performance of information and communication industry increased, while that of construction declined significantly, the agency said.
Sequentially, GDP decreased a seasonally and working day adjusted 0.2 percent during the three-month period, after falling 1 percent in the preceding quarter.
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