Budapest, July 30 (TASR) – Hungary’s economy surged ahead in the second quarter, posting its fastest growth in nearly two years. Despite this positive development, the 1.5% year-on-year expansion fell slightly short of analyst forecasts. The construction and real estate sectors were the primary drivers of this growth, according to preliminary data released by Hungary’s Central Statistical Office on Tuesday.
The country’s GDP expanded by 1.1% in the first quarter of the year. While the second quarter’s growth was a significant improvement, it still lagged behind analyst expectations of a 2% increase.
The construction and real estate sectors were instrumental in boosting the economy. However, on a quarter-on-quarter basis, the Hungarian economy contracted by 0.2%. This represents a reversal from the previous quarter, when GDP grew by 0.8% compared to the fourth quarter of 2023.
