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GDP grows 3.9% in Q2; best rate since 2006

Analysis

Hungary's GDP grew 3.9% in the second quarter, lifted by strong performances in the manufacturing, construction and farm sectors, the Central Statistics Office (KSH) said in a second reading of data yesterday.

Added value in the manufacturing sector climbed 9.0% during the period. The construction sector grew a marked 19.1% and growth in the agriculture sector reached 5.6%.

The logistics sector grew 4.5%. The industrial sector contributed 1.6 percentage points to headline growth, while the construction and farming sectors contributed 0.6 and 0.2 percentage points, respectively.

On the utilisation side, expenditures on household consumption were up 2.4%. Gross fixed capital formation jumped 18.7%. Total domestic consumption increased 4.3%. The headline figure was the same as in the first reading published on August 14.

The rate was the highest one since the first quarter of 2006. GDP was up 3.7%, adjusted for calendar year and seasonal effects. The quarter-on-quarter growth rate was 0.8%.

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