The Hungarian economy contracted faster than expected in the second quarter, signaling a deeper recession than estimated earlier, final data released by the Hungarian Statistical Office showed Friday.

Gross domestic product (GDP) decreased 1.3 percent year-on-year in the second quarter, faster than the 1.2 percent contraction estimated earlier. The rate of fall was also sharper than first quarter's 0.7 percent.

Stagnation was recorded in most of the industries of the national economy. The performance of agriculture and construction declined significantly. The increase of export-oriented manufacturing, which was the driving factor of growth in the last two years, came to a halt in the last quarter, the agency said.

On a calendar-adjusted basis, the economy contracted 1.1 percent during the three-month period. Sequentially, GDP dropped a seasonally adjusted 0.2 percent in the second quarter, data showed.

RTTNews