GDP up 3.2% in second quarter, says KSH flash


Photo by Feng Yu /

The gross domestic product of Hungary was up an unadjusted 3.2% in the second quarter of 2017 compared with the corresponding period of the previous year, according to a first release of data from the Central Statistical Office (KSH). The volume of GDP rose by 3.7% in the first half compared to a year earlier.

The rate of growth slowed from 4.2% in the first quarter. The main contributors to growth in Q2 were market-based services, according to the KSH.

Adjusted for calendar effects, GDP rose 3.8% in Q2, decelerating slightly from 3.9% in Q1.

KSH department head Zsuzsanna Boros Szőke said the growth rate was impacted by a slowdown in industrial output and a decline in the output of the farm sector.

Analysts had put Q2 growth at 3.6% prior to the release.

Compared to the previous quarter, the volume of GDP grew by 0.9%  in the second quarter of 2017, slowing from 1.4% quarter-on-quarter growth in Q1, according to seasonally and calendar-adjusted and reconciled data.

Speaking to state news wire MTI, ING Bankʼs chief analyst Péter Virovácz said growth could climb back to around 4% in the coming quarters, lifting the full-year rate of increase to 3.9%.

K&H Bank senior analyst Dávid Németh attributed the slowdown to the weaker performance of the industrial sector and a high base. He put GDP growth for the full year at 3.8%.

A second estimate of GDP figures for the second quarter will be published by the KSH on September 5.


Nagy: More Involvement in Insurance Market Banking

Nagy: More Involvement in Insurance Market

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Home Loan Rates Climb Over 10% Residential

Home Loan Rates Climb Over 10%

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.