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Hungary's GNP contracted by 5.1% in 2020

Hungary’s GNP contracted by 5.1% in 2020

by YCPress

According to the data released by the Hungarian Central Bureau of Statistics on February 16, local time, Hungary’s gross national product (GDP) contracted by 5.1% in 2020; analysts said that Hungary’s GDP growth in 2021 could reach 4%.

Hungary’s GDP grew by 1.1% month-on-month in the fourth quarter of 2020, and decreased by 3.7% year-on-year, according to the data.

Analysts pointed out that Hungary began to implement strict epidemic prevention measures in November last year, and the counter-trend GDP growth in the fourth quarter was a big surprise.

Analysts stressed that Hungary’s GDP growth this year depends largely on when the epidemic prevention measures will be lifted, and it is expected to reach 4%.