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Hungary’s GDP up 2.2% in Q3

Hungary’s volume of gross domestic product was 2.2% higher in the third-quarter of the year as compared to the same period in 2015, the Central Statistical Office (KSH) said today in a first release of data. The primary contributors to the growth were market services and agriculture. 

According to seasonally and calendar adjusted and reconciled data, the performance of the economy was up by 1.6% compared to the corresponding quarter of the previous year and by 0.3% compared to the previous quarter, KSH said.

Based on seasonally and calendar adjusted but unreconciled data, the volume of GDP grew by 2% compared to the corresponding period of the previous year, KSH added.

Services contributed 1.3 percentage points (pp), industry 0.2 pp and agriculture 1 pp to the 2.2%, KSH noted.

Regarding production, the value added of industry grew by 0.8%, within which manufacturing rose by 0.7% compared to the same period last year, according to KSH.

The performance of construction continued to fall, by 12% in the third-quarter, with civil engineering dropping the most, while the value added of agriculture was up by 21%, KSH data showed. The gross value added of services was up by 2.6% in total.

Under expenditures, the actual final consumption of households was up by 3.8% in the third-quarter, the volume of social transfers in kind from the government practically stagnated (at -0.1%) and that of the actual final consumption of the government shrunk by 1.6%. As a result of the above trends, actual final consumption rose by 3% overall.

Gross fixed capital formation fell by 8.8% due to the completion of developments financed from EU funds, which in turn affected the investments of budgetary units to a higher extent, according to KSH. Gross capital formation was up by 1.5% compared to 2015, while domestic use as a whole rose by 2.7%, KSH added.

In the balance of external trade, a surplus of HUF 876 billion was generated at current prices. Exports were up by 4.6% and imports by 5.3%, while under trade in goods, exports grew by 4.9% and imports by 5.6%. Within the external trade of the national economy the exports of services (including tourism) were up 3.4% and imports 3.7% higher than this time last year, KSH added.