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Hungary: GDP Data Shows Incomplete Recovery

2020. december 02.

ING Think

The Statistical Office made a minor change to GDP growth, revising the record to 11.4% quarter-on-quarter. But all that glitters is not gold.The first GDP estimate was changed incrementally by the Hungarian Central Statistical Office (HCSO), making the record high quarter-on-quarter growth even better. The 11.4% quarterly data however kept the year-on-year reading unchanged at -4.6%. The third quarter of 2020 is a perfect example of an incomplete recovery.

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