Macroeconomic Forecast Hungary

According to the most recent data released by the Central Statistics Office, the Hungarian economy entered recession territory in the second quarter of 2012, with real GDP contracting by 0.2% in quarter-on-quarter (q-o-q) terms following a revised -1.0% q-o-q contraction in the first quarter. The poor second quarter growth reading constitutes a 1.2% contraction from the same quarter of 2011. We remain confident in our end-year growth figure of -1.2%, which we revised down from -0.5% back in June.

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