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InstaForex Loprais Team - Official participant of the Dakar rally

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InstaForex Loprais Team - Official participant of the Dakar rally

2018.09.0510:05:00UTC+00Hungary Q2 Growth Revised Up

Hungary's economy grew at a faster-than-expected pace during the second quarter, latest data from the statistical office showed Wednesday.

Gross domestic product rose 4.8 percent year-on-year, which was higher than the 4.6 percent reported initially.

This means that Hungary has posted its highest growth rate since 2004, ING Bank economist Peter Virovacz reckoned.

In the first quarter, the economy grew 4.4 percent.

Most industries contributed to the growth with the business services making the biggest contribution.

Compared to the previous three months, GDP rose 1 percent in the second quarter following a 1.2 percent growth in the first quarter.

"There are signs Hungary could well be over its peak. Expect economic activity to slow down over the coming months but for now, we maintain our forecast of 4.3 percent growth in 2018," Virovacz added.

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