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KSH: Hungary’s GDP grows in Q4

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Hungary's GDP saw a year-on-year 3.4% growth in Q4 last year, chiefly lifted by strong performances in the manufacturing, construction and farm sectors, the Central Statistics Office (KSH) said in a second reading of data today.

Added value in the industrial sector climbed 4.0% year-on-year in Q4. The increase included a by 5.5% rise in the manufacturing segment, supported by automotive industry companies, while added value in the construction sector was up by 6.2% and rose by 12% in the farm sector, KSH said.

KSH’s reading of data revealed that expenditures in household consumption rose 1.9% and public consumption was up 5.4%, on the utilization side. Gross fixed capital formation increased by 1.9% as investments rose in the logistics and farm sectors but fell in manufacturing and real estate, and total domestic utilization rose by 2.9%, KSH added

Adjusted for seasonal and calendar effects, headline GDP grew 3.4% year-on-year and 0.8% quarter-on-quarter, KSH said.

For the full year, GDP was up 3.6%. The figure was revised up from 3.5% in the first reading released on February 13 due to special rules on accounting output of the farm sector as well as a more thorough processing of detailed data, KSH said.

Added value in the farm sector was up 13% for the full year. Added value climbed 5.3% in the industrial sector, 14% in the construction sector and 2.0% in the services sector.

On the utilization side, expenditures on household consumption were up 1.7% and public consumption rose 3.4%, lifting final consumption by 1.8%. Gross fixed capital formation rose 11.7%. Total domestic utilization increased 4.3%.

In absolute terms, Hungary's GDP came to HUF 31.8906 trillion last year, calculated at current producer prices.

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