Press release, 30.04.2024.

Hungary’s GDP data to come sooner from now on

HCSO to publish GDP data already on day 30 instead of day 45 after reference period

From the first quarter of 2024, the Hungarian Central Statistical Office (HCSO) is going to publish gross domestic product (GDP) data 15 days earlier, on the 30th day following the end of the reference period. HCSO thus responds to user needs for more quickly available yet reliable GDP data. A strategic aim of the Office is to reduce time to market, and this way to enhance user satisfaction.

In the first quarter of 2024, gross domestic product (GDP) increased by 0.8% according to seasonally and calendar adjusted and reconciled data compared to the previous quarter and by 1.1% according to raw data compared to the first quarter of 2023.

Up-to-date and evidence-based economic data are indispensable for political, business and scientific users of data as well as for the media. Economic, financial and technological developments in the last years made it increasingly important to make economic indicators available in the earliest time possible. Complying with challenges of the age, HCSO aims at satisfying user needs as widely as possible with continuous innovation. The first official GDP results on Hungary’s general economic development have been available 45 days after the end of the reference quarter until now, but with the change now introduced this period will be reduced to 30 days. The methodology of GDP calculation will remain unchanged otherwise.

“One of the most important goals of HCSO is to reduce time to market, i.e. to improve timeliness. In the case of GDP data, you can see that already 12 countries in the EU publish the data on day t+30, therefore, it is an important step forward that HCSO also belongs to this group from now on. The last months were about the preparations. I thank for the colleagues’ work.” – said Dr. Áron Kincses, the President of HCSO. “To accelerate the publication of data, the Office contacted respondents, highlighting the importance of data collection deadlines, in addition, coordination, too, with organisations transmitting the administrative data necessary for the estimation preceded the changeover” – detailed Dr. Tímea Cseh, head of the National Accounts Department of HCSO.

GDP is one of the most important indicators of national economic significance. GDP data available earlier on help make data-based policy decisions, follow up the economic situation and prepare analyses and forecasts. The quicker publication of GDP data is especially important for the business and financial sectors as well as for investors and market actors, since timely information makes it possible for them to prepare more accurate forecasts and to better prepare for turns of the market.

“HCSO works continuously to ensure the most up-to-date and the most reliable statistical data to its users. The improvement of the timeliness of the publication of GDP data is an important result in this effort of ours” – added Dr. Áron Kincses.

The first releases is available at: www.ksh.hu/en/first-releases/gde/egde2403.html

Hungarian Central Statistical Office

H-1024 Budapest, Keleti Károly u. 5-7. Tel./Phone: (+36-1) 345-6000
Postacím/Postal address: P.O.Box 51 Budapest H-1525
http://www.ksh.hu