Hungary’s economy entered recession in 2022 according to official data published Tuesday, as soaring energy prices drove inflation higher.
Hungarian GDP shrank by 0.4 per cent in the last three months of 2022, after a fall of 0.7 per cent during the third quarter, said the national statistics office KSH.
Hungary’s last technical recession — defined as at least two successive quarters of contraction — occurred in 2020 as the Covid-19 pandemic hit the economy.
The latest recession comes as Hungary reels from soaring inflation which reached an EU-high of almost 26 percent in January, the highest in the central European country since the mid-1990s.
