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Skip Navigation LinksHome :: Central and Eastern Europe :: GDP growth picks up to 2.2% y/y in Q2.

Friday, August 15, 2008

GDP growth picks up to 2.2% y/y in Q2.





GDP growth picks up to 2.2% y/y in Q2. The economy expanded by 2.2% y/y in Q2, accelerating from 1.7% y/y for the previous quarter, according to preliminary data of the Statistical Office (KSH). It underlined that the statistical margin for error in the flash estimate was 0.2pps on both sides. On a seasonally-adjusted basis, GDP rose by 0.6% q/q for the period. A breakdown of the data should be published on September 5. At this stage, however, the agricultural sector was expected to account mainly for the positive economic performance. The GDP growth data is significantly better than market expectations, possibly due to a less pronounced slowdown of industrial output growth. Such a deceleration was projected on account of the worsening of monthly production data, suggesting a noticeably weakening external demand. Nevertheless, the outlook for the industrial sector remains negative, prompting analysts to maintain a consensus forecast for the full-year GDP growth at around 1.7-2% y/y despite the positive Q2 surprise.







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