KSH: Hungary’s GDP up 3.5% in Q1 lifted by manufacturing

Analysis

Hungaryʼs GDP saw a year-on-year rise of 3.5% in the first quarter of this year, lifted by strong performance in manufacturing and services, revising upward from 3.4% in the first reading, the Central Statistics Office (KSH) said in a second reading of data today.

According to seasonal and calendar  adjusted data, economic performance in the first quarter of 2015 was up 3.3% compared to the corresponding quarter of the previous year and by 0.8% compared to the previous quarter, KSH said.

The production sector on average was 7.7% higher in year-on-year terms, with  manufacturing growing by 8%. Construction rose by 9.2%, with construction of buildings and civil engineering both increasing. The performance of agriculture decreased by 12%. The gross value added of services grew by 2.3% in total.

Industry contributed to the 3.5% growth of gross domestic product in the first quarter of 2015 by 1.8 percentage points, construction by 0.2 percentage points and services by 1.3 percentage points. Agriculture decreased GDP by 0.3 percentage points.

The actual final consumption of households was up by 2.6% compared to the same period of the previous year. Household final consumption expenditure, representing the largest proportion of the components of the actual final consumption of households, went up by 2.7%.

The volume of social transfers in kind from government increased by 2.8%, while that of the actual final consumption of government went down by 5.4%. As a result of these trends, actual final consumption grew by 1.5%.

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