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Aug 12, 2016

Hungary's GDP is up and the economy is booming

The second quarter of 2016 saw an annual economic growth of 2.6 percent

Hungary's GDP is up and the economy is booming, even higher than expected, it has been reported today.

The country's economic growth picked up to an annual 2.6 percent in the second quarter of 2016 from 0.9 percent in the first quarter.

Preliminary unadjusted data showed that analysts had forecast 1.9 percent annual rise in GDP for the second quarter. In seasonally and calendar-adjusted terms, the gross domestic product grew 1.7 percent year on year and rose by 1.1 percent from the previous quarter.

The biggest contributors to growth were market services, and also industry and agriculture. The performance of the construction industry continued to moderate growth, along with the vehicle indsutry.