Hungary’s economy probably grew by a seasonally adjusted 0.6% y/y in the second quarter of 2013, reversing a 0.9% annual contraction in the first three months of the year, analysts polled by portfolio.hu said. The GDP forecasts ranged from 0.2% y/y to 0.8% y/y increase for Q2.
On the supply side, agriculture and construction were both seen as main growth drivers. Construction was boosted primarily by government projects and the agriculture by better weather conditions. The industry is expected to increase only moderately, while an annual decline is expected in services.
The analysts expect the economy to pick up by 0.5% y/y in full-2013 and growth is seen accelerating to 1.5% y/y in 2014, consensus forecast showed.
In April, the government revised down its GDP growth forecast for this year to 0.7% y/y from 0.9%. The IMF projected a zero growth for this year in Hungary and a 1.2% expansion in 2014. The World Bank forecast in June that the local economy will expand by just 0.3% y/y in 2013. The OECD projected a 0.5% increase, improving its estimate from stagnation expected in November 2012.
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