Preliminary (1Q): 0.7 % q/q, 2.4 % y/y
Consensus: 2.4 % y/y
Previous (4Q): 0.5 % q/q, 1.9 % y/y
Hungary´s preliminary GDP came out in line with estimates, showing the highest y-o-y growth in four years. The growth accelerated in the 1Q, although base effect becomes less and less favorable. No details are out yet, but it is likely that the growth was still driven mainly by exports and inventories. Both domestic household demand and fixed investments probably remined week in the 1Q. Also, the surging growth in Germany suggests that the impact of foreign demand was very important. On the other hand though, the Hungarian and Czech figures showed that CE is lagging considerably behind Germany, which is quite surprising given the strong industrial link with this country. However, the boost for the CE economies may come a bit later; the projected 3pct whole-year growth of the Hungarian GDP should therefore be achievable.