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Trade in Services Shows Double-digit Decline on Pandemic Effect

MTI-Hungary Today 2020.08.28.

Hungary’s trade in services fell in the double digits in the second quarter from the same period a year earlier, impacted by the coronavirus crisis, data released by the Central Statistical Office (KSH) on Friday show.

Exports of services fell by 40.1 percent to 4.107 billion euros, while imports of services dropped 25.2 percent to 3.317 billion euros.

The surplus of trade in services narrowed to 790 million euros from 2.424 billion in the same period a year earlier.

Second Quarter GDP Falls 13.6% on Pandemic Impact
Second Quarter GDP Falls 13.6% on Pandemic Impact

Hungary’s GDP fell by an annual 13.6% in the second quarter, impacted by the coronavirus crisis, a first reading of data released by the Central Statistical Office (KSH) on Friday shows. KSH said the crisis impacted services as well as industry. Adjusted for seasonal and workday effects, GDP declined by 13.5%. GDP for the first […]Continue reading

The data show tourism exports — that is, foreign visitors’ spending on tourism services in Hungary — plunged 71.2 percent to 453 million euros as the country went into lockdown to contain the spread of the coronavirus.

featured image via Tamás Kovács/MTI


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