Hungarian GDP growth 3.7% in Q1-Q3 2017
Hungaryʼs third-quarter GDP growth was 3.6% year-on-year, the Central Statistical Office (KSH) said in a flash estimate released on Tuesday. The pace of growth accelerated from a revised 3.3% in Q2. The main contributors to growth were market-based services, stated the statistics office.
The gross domestic product of Hungary was up by 3.6% in the third quarter of 2017 according to raw data, and by 3.8% according to seasonally and calendar-adjusted and reconciled data, compared to the corresponding period of the previous year.
The volume of GDP rose by 3.7% in the first three quarters of 2017, compared to the first three quarters of 2016.
Adjusted quarter-on-quarter GDP growth was 0.8% in Q3, edging down from 0.9% in Q2.
Speaking on public television channel M1 after the release of the data, Minister for National Economy Mihály Varga noted the impact of the booming construction industry on growth, while adding that the automotive industry is also continuing to perform well.
At the same time, Varga acknowledged the under-performance of the farm sector because of drought, but said that "we donʼt see this as a problem."
The governmentʼs official target for GDP growth this year is 4.1%.
The European Commission recently projected this yearʼs GDP growth for Hungary at 3.7%, while the IMF forecasts growth of just 3.2% in 2017 in its November regional economic outlook for Europe.
A second estimate of third-quarter GDP figures will be released by the KSH on December 5.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
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.