Hungary’s economy is expected to start growing again from the second half of this year, National Economy Ministry Gyorgy Matolcsy said at a press conference on Thursday.
Hungary’s latest GDP data show the economy contracted an unadjusted 0.7pc in Q1 from the same period a year earlier. GDP was down a seasonally- and calendar year-adjusted 1.2pc quarter-on-quarter.
Mr Matolcsy said GDP is expected to fall in the first half of this year but return to growth in the second half. The economy is expected to stagnate for the full year, he added.
He also said in his book an ecomony is in recession only if GDP contracts by more than 1%, which the government does not deem likely.