Hungarians expect Brussels to set aside political debates
The Monthly Monitor which appears both in Hungarian and in English is one kind of propserity report, which presents based on the most recent data the economic, budgetary and monetary processes. As a result it can help the evidence-based decision making of the Hungarian companies.
The very popular report can be downloaded for free from the Századvég Gazdaságkutató Zrt’s webpage. The most recent dataand analysis of the SIGMA indicator developed by the Századvég Gazdaságkutató Zrt. is also published in the monitor. Besides the Monitor includes a special topic each month related to a Hungarian or an international event. The aim of the Monthly Monitor is to present the economic processes based on the most recent data and to give an exact image to the decision makers about the current state of the economy.
The coronavirus pandemic hit the Hungarian economy in Q2 2020, the GDP shrank by 13.6%. Compared to the same period of the previous year, the pandemic caused a downturn in almost all sectors.
Q2 data show that the output of the Hungarian economy
fell, on a year-on-year basis, by 13.6% according to raw
data and by 13.5% according to adjusted data. This is the
result of the shutdown because of the coronavirus
The Hungarian economy could feel the effect of the coronavirus pandemic already in Q1 2020; the greater impact came, however, only in the end of the quarter. As a result, the Hungarian Central Statistical Office could measure a 2.2% year-on-year growth; the quarter-on-previous-quarter figure showed, however, a 0.4% drop in economic output.
- The annual comparison shows that the February output of the industry was 4.1% higher in terms of raw data and 1.7% in terms of workday-adjusted data than in the same period of the previous year.
- The output of the construction industry increased by 2.5% in February.
- Following the acquisition fever caused by the coronavirus, the annual comparison shows that in February the volume of retail sales increased considerably, by 10,9 per cent, while the calendar-adjusted by 11,3 per cent.
- According to February’s labour market data, the impact of the coronavirus remains absent: the number of employed decreased only minimally from January, while the unemployment rate showed a stagnation at 3,4 per cent.
- The average net monthly wage increased by 9.2% in January.