Hungary GDP up 1.8% in Q3; EU-28 up 0.2% q.o.q.
From the Central Statistics Office (KSH): The gross domestic product of Hungary increased by 1.8% according to raw data and by 1.6% according to seasonally and calendar adjusted data in the third quarter of 2013 compared to the corresponding period of the previous year. The economic performance was 0.9% higher quarter-on-quarter, while overall gross domestic product for the European Union (EU-28) increased by 0.2% q.o.q.
In the third quarter, the performance of Hungary’s agriculture increased by 27.6% after the low base in the corresponding period of the previous year. The gross value added of industry grew by 0.4%, of which that of manufacturing increased by 1.7%. Within manufacturing the highest growth are reported in manufacturing of transport equipment, whose driving force was exclusively export sales.
Within manufacturing, amongst the significant industries, the highest fall was recorded in the manufacture of basic pharmaceutical products and pharmaceutical preparations, mainly due to the markedly declining demand in their export markets.
Considering the expenditure side of GDP, the final consumption of households stagnated in the third quarter of 2013. Household final consumption expenditure, the main component of the final consumption of households, increased 0.1% y.o.y.
The gross fixed capital formation increased by 8.2% q.o.q. Both construction investments and investment in machinery and equipment went up. In the majority of industries a rise was measured. Investment in real estate activities dropped significantly. The volume of investments rose markedly in the area of agriculture and water and waste management.
According to the first release of Eurostat, the total gross domestic product of the EU28 increased by 0.2% q.o.q. in the third quarter. The gross domestic product rose in the Eurozone by 0.1%, while the GDP in Germany increased 0.3% q.o.q.
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