KSH: Hungary’s GDP up 2.6% in Q2

Analysis

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The volume of gross domestic product was 2.6% higher in Hungary in the second quarter of the year than in the corresponding period of 2015, chiefly boosted by market services, industry and agriculture, Hungary’s Central Statistical Office (KSH) said today in a first release of data.

According to seasonally and calendar-adjusted data, the performance of the economy was up 1.8% compared to the corresponding quarter of the previous year, and by 1.0% compared to the previous quarter, the KSH reported. 

As an effect of high yields in agriculture, the GDP volume index slightly improved in the second quarter compared to the first quarter of the year, by 0.2 percentage points to 1.1%, according to the KSH.

The performance of Hungary’s economy grew by 1.9% in the first half of the year as a whole, the report notes.

The value added by industry grew by 3.9%, within which the value added by manufacturing rose 3.7% year on year. The performance of construction continued to decline, this time by 24%, within which civil engineering fell the most, while the value added by agriculture increased by 13%, the KSH said.

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