2018.08.1407:31:00UTC+00Hungary Q2 Growth Strongest Since 2014

The Hungarian economy grew at the fastest pace in four years during the second quarter, supported by contributions from both the industry and services sectors, preliminary data from the Hungarian Central Statistical Office showed Tuesday.

Gross domestic product grew an unadjusted 4.6 percent year-on-year following 4.4 percent increase in the first quarter. In contrast, economists had expected the growth rate to ease to 4.1 percent. The pace of expansion was the strongest since the second quarter of 2014, when the economy grew 4.7 percent.

On a calendar adjusted basis, GDP rose 4.4 percent year-on-year after a 4.8 percent growth in the previous three months.

Following seasonal and calendar adjustments, GDP growth slowed to 4.4 percent from 4.7 percent.

Quarterly growth slowed to 0.9 percent in the second quarter from 1.2 percent in the first three months of the year. The pace was the slowest since the fourth quarter of 2016.