Hungary’s GDP rises by 4.2% in first quarter

Analysis

Hungary’s GDP was 4.2% higher in the first quarter of the year compared to the corresponding period a year earlier, chiefly lifted by market-based services and industry, the Central Statistical Office (KSH) said in a second estimate of data this morning. The figure was revised from 4.1% in the first estimate.

According to seasonally and calendar-adjusted and reconciled data, the performance of the economy was up by 3.8% compared to the corresponding quarter of the previous year, and by 1.3% compared to the previous quarter, the KSH reported.

Industry’s added value grew by 6.8% in the first quarter, within which that of manufacturing rose by 7.8% compared to the same period of the previous year. The performance of construction rose by 25%, within which the highest increase was recorded for civil engineering works, while the added value of agriculture decreased by 6.3%, according to KSH data. The gross added value of services was up by 3% in total.

The actual final consumption of households increased by 2.5%, while household final consumption expenditure, representing the largest proportion of the components of actual final consumption of households, grew by 3.5%, the KSH said. 

Gross fixed capital formation was 28% higher than the low base. Gross capital formation increased by 17% and domestic use as a whole rose by 4.1% in Q1, compared to the equivalent period of 2016.

In external trade of the national economy, a surplus of HUF 759 billion was generated at current prices, the KSH reported. Exports were up by 9.4% and imports by 10%.

Actual final consumption contributed by 0.9 of a percentage point and gross capital formation by 2.9 percentage points to the 4.2% growth in GDP in the first quarter, according to KSH data. The balance of external trade as a whole raised the GDP growth rate by 0.4 of a percentage point.

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