The Hungarian economy contracted as estimated earlier in the first quarter, as almost half of the industries recorded stagnation, data released by the Central Statistical Office showed Friday.
Gross domestic product (GDP) decreased 0.7 percent year-on-year in the first quarter, in line with the preliminary estimates. In the fourth quarter and the third quarter, the economy expanded by 1.4 percent each.
Final private consumption expenditure decreased 0.7 percent annually during the three-month period, while public consumption expenditure moved up 1 percent. Gross fixed capital formation was 6.6 percent lower in the first quarter compared to the same period last year.
Sequentially, the economy contracted a seasonally adjusted 1.2 percent during the fist quarter, while flash estimates showed a 1.3 percent growth.
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