Compared with the Q1 figure issued in the flash estimate on May 15, the headline figure of the second estimate was unchanged. Seasonally and calendar-adjusted and reconciled data show that the performance of the economy improved by 4.7% compared to Q1 2017, and by 1.2% compared to the preceding quarter.
According to the production approach, the KSH reported that the value added by industry grew by 2.0%, within which that of manufacturing rose by 2.5% compared to the same period of the previous year.
The performance of construction rose by 22.5%, slowing from growth of over 30% in the preceding three quarters. The value added by agriculture decreased by 0.6%.
Gross value added by services was up by 4.9% in total. Within this, value added by the wholesale and retail trade, as well as accommodation and food service activities, rose by 8.2%, while value added by transportation and storage was up 5.2%.
Services contributed by 2.6 percentage points, industry by 0.5 of a percentage point, and construction by 0.5 of a percentage point to the 4.4% growth of GDP in the first quarter of 2018.
According to the expenditure approach, the actual final consumption of households was up 5.1% in Q1 2018, compared to the corresponding period of the previous year. Household final consumption expenditure, representing the largest proportion of the components of actual final consumption of households, grew 5.9%.
The volume of social transfers in kind from the government was up by 0.7%, and that of the actual final consumption of the government by 4.6%.
As a result of the above trends, actual final consumption rose 5.0% in total.
Gross fixed capital formation went on increasing significantly, being 17% higher in the first quarter of 2018 than in Q1 2017.
The volume of investments in construction and machinery and equipment both went up substantially, the former to a higher extent. Growth was observed in the volume of investment in the majority of industries with relatively large weight, compared with a slight fall in the case of manufacturing. Investments of budgetary units rose outstandingly, while investment activities of enterprises lessened.
Gross capital formation increased by 4.5% in total compared to one year earlier.
In the external trade of the national economy, a surplus of HUF 671 billion was generated at current prices in Q1 2018. Exports were up by 3.5% and imports by 3.8%.
In the trade in goods, exports grew by 3.1% and imports by 5.1%. Exports of services (including tourism) increased by 5.4%, while imports declined by 2.8% compared to a year earlier.
Actual final consumption contributed by 3.6 percentage points and gross capital formation by 0.7 of a percentage point to the 4.4% GDP growth in the first quarter of 2018. The balance of external trade as a whole did not influence the GDP growth rate, the KSH noted.
A flash estimate of GDP data for the second quarter of 2018 will be published by the KSH on August 14, with more detailed figures to be released on September 5.
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