Hungary’s Recession Drags On as East EU Economies Struggle
- Hungary GDP contracts for fourth quarter defying expectations
- Economy in Poland shrinks from previous three months
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Hungary unexpectedly plunged deeper into recession for the longest economic contraction in at least 28 years as the war in Ukraine still undermines economic growth across the European Union’s eastern wing.
Hungary’s economy shrank 0.3% from April to June compared with the previous three months, a fourth consecutive contraction that defied expectations of analysts in a Bloomberg survey for 0.2% growth. The economy contracted 2.4% from a year earlier, the statistics office said Wednesday. Four quarterly contractions in a row is the most since records began in 1995.