Hungary, European Union GDP up slightly in Q2

Analysis

Statistics on gross domestic product and related economic performance for the second quarter of 2013 were released by the Central Statistics Office (KSH) today, showing that Hungary’s gross domestic product was up just slightly year-on-year: 0.1%, after seasonal adjustment. Overall economic performance was also up 0.1% quarter-on-quarter.

European Union GDP meanwhile saw a 0.2% decrease y.o.y. but an 0.3% increase q.o.q.

One big gainer in the quarter was the agriculture sector, which increased by 17.2% y.o.y., while the construction industry’s output increased by 6.9%. The gross value in the industry sector declined by 0.8%, and manufacturing decreased by 0.6%.

In terms of expenditures, KSH reported that Hungary’s household consumption increased by 0.3% y.o.y., with the largest volume increases seen in transport, food service and accommodation activities, recreation, culture and food goods/services. The Office also reported that “consumption of Hungarian tourists abroad slightly decreased, while the consumption of foreigners in Hungary increased.”

Social transfers in kind from the government dropped by 0.9%, while the final consumption of government increased by 0.6%. “As a result of all these trends,” noted KSH, actual final consumption increased by 0.4% y.o.y.

Gross fixed capital formation showed an increase of 4.9%, with investments in construction, machinery and equipment up. Though most industries showed an increase here, investment in manufacturing and in wholesale and retail trade decreased slightly, and real estate investment activities dropped significantly.

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