Hungary’s economy continued to expand in the first quarter, albeit at a slower pace, the Hungarian Central Statistical Office reported Tuesday.
Gross domestic product grew 1.9 percent sequentially in the first quarter, slower than the 2.8 percent expansion logged in the fourth quarter. This was the third consecutive growth.
The main drivers of the increase were industry, financial and insurance activities as well as information and communication, data revealed.
On a yearly basis, GDP dropped by adjusted 1.8 percent after falling 3.9 percent a quarter ago.
Unadjusted GDP contracted 2.3 percent annually, slower than the 3.5 percent decline in the fourth quarter. Economists had forecast a faster decline of 3.7 percent.
The revised estimate for the first quarter GDP is due on June 1.
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