ADVERTISEMENT

Hungary GDP up 1.8% in Q3; EU-28 up 0.2% q.o.q.

Analysis

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.

ADVERTISEMENT

Manufacturing Purchasing Managers' Index rises Analysis

Manufacturing Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.