FX.co ★ Hungarian Economy Shrinks 0.9%

Hungary's economy contracted for the first time in nearly two years in the first quarter, in line with expectations, preliminary data from the Hungarian Central Statistical Office showed on Tuesday.

Gross domestic product fell an unadjusted 0.9 percent year-on-year in the March quarter, reversing a 0.4 percent rise in the previous quarter.

Further, GDP decreased for the first time since the second quarter of 2021.

On an adjusted basis, the economy contracted 1.1 percent in the first quarter versus a 0.8 percent increase in the final quarter of 2022.

The largest contributor to the decrease in economic performance was industry, the agency said.

Compared to the previous quarter, GDP fell an adjusted 0.2 percent in the first quarter, following a 0.6 percent fall in the preceding three-month period.