Hungary’s economy expanded at the beginning of the year at its fastest pace in two years. According to the Hungarian Central Statistical Office (KSH), gross domestic product (GDP) increased by 1.7% year-on-year, both in raw terms and adjusted for seasonal and calendar effects.
Compared to the fourth quarter, the economy even grew by 0.8%. The services sector was primarily responsible for the growth. For example, preparations for major real estate projects under the “Otthon Start” credit program are believed to have provided momentum to the sector.