The fact that the Hungarian economy is moving closely with the German economy is also reflected in today's Eurostat rankings, with both countries' economies declining slightly compared to the previous quarter. The preliminary Hungarian data were published at the end of July, so the fact that there was a quarterly decline came as a surprise, not now, but at the time.
In addition, Sweden (-0.8%) and Latvia (-1.1%) also saw declines in the April-June period, according to revised data. At the other end of the growth scale were the Netherlands, Ireland and Poland, which jumped by 1%, 1.2% and 1.5% quarter-on-quarter, respectively. (Preliminary GDP data is not available for five countries: Denmark, Greece, Croatia, Malta and Luxembourg.)
It is also worth taking a look at the annual growth ranking, where we see that Hungary’s figure (1.3%) belongs to the middle range. Here too, Poland tops the ranking with a rapid growth of 4%, followed by Cyprus with 3.7% and Spain with 2.9%. At the other end of the scale, Estonia (-1.7%), Ireland (-1.4%) and Finland (-0.7%) suffered the largest annual declines.
Regarding the Hungarian economy, several worrying data have been received in recent weeks, although this morning's detailed industrial production data for June, for example, painted an encouraging picture:
Cover image is an illustration. Cover image source: Getty Images
