Thursday May 15, 08:23 AM
Hungary Q1 GDP up 0.3 percent vs Q4; up 1.6 pct yr-on-yr UPDATE
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LONDON (Thomson Financial) - Hungary's GDP rose 0.3 percent in the first quarter of the year when compared to the previous quarter and was up an annual 1.6 percent, or up 0.9 pct when adjusted for calendar effects, according to preliminary data from the statistics office KSH on Thursday.
The annual figure represents an increase on the previous quarter when the economy grew at an adjusted 0.7 percent year-on-year.
The unadjusted yearly growth compared to a market forecast of 1.3 percent.
Tax hikes and spending cuts, aimed at trimming the budget deficit, have hit growth in the emerging central European economy of 10 million, setting it apart from its more dynamic neighbours.
Analysts say a slowdown in the European Union, where Hungary sends two-thirds of its exports, combined with sluggish domestic consumption could hit growth prospects in the remainder of the year.
A Reuters poll predicts Hungary's economy will grow 2.1 percent this year.
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