Hungary’s GDP growth adjusted 0.7% in Q4, up 1.3% in 2007
Hungary’s GDP rose 0.7% year-on-year in volume terms in the Q4 of 2007 according to calendar-adjusted and 0.8% according to unadjusted figures, the Central Statistics Office (KSH) announced in a second reading on Friday, unchanged from a first estimate published on February 14.
Fourth-quarter GDP rose by a seasonally- and calendar-adjusted 0.1% from the Q3 of 2007, unchanged from the first reading. In 2007 Hungary’s GDP grew 1.3% according to both calendar-adjusted and unadjusted figures, KSH said. The figure is unchanged from the first estimate. In 2006, Hungary’s GDP grew 4.0% according to calendar year-adjusted figures and unadjusted growth was 3.9%. On the production side, the 2007 slowdown was due to sharp fall of GDP in agriculture (a fall of 13.3%) and in the construction sector (down 11.6%). GDP rose at an above-average 6.2% rate in the industry, including 6.8% growth in the manufacturing sector alone, and rose 1.3% in services last year.
GDP produced by the government sector (public administration, health, education and social work) fell 2.1% in 2007, with the biggest drop in the value added in health services. On the utilization side, household final consumption fell 2.1% last year, mainly due to a sharp 8.9% drop in government in-kind social transfers, KSH noted. Communal consumption fell 3.2%, and final consumption combined fell 2.2%. Domestic utilization fell 0.3%.
Gross fixed capital accumulation rose 1%, mainly due to rising investments in the manufacturing, freight, postal and telecom sectors and in inventory capacities, KSH said. GDP statistics calculated exports rose 14.2% and imports rose 12.2% last year, both below the respective 18.9% and 14.5% increases in 2006. The gap between export and import growth narrowed to 2 percentage points from 4.4 percentage points in 2006 but still remained a main driving force of growth. Export growth in Q4 slowed to 10.4% year-on-year but still exceeded import growth which slowed to 9.2% year-on-year in the Q4.
Within total exports, the exports of goods rose 15% from 2006, and the exports of services rose 9.9%. The import of goods rose 11.6% and the import of services rose 16.4% last year, KSH reported.
2007 GDP totaled Ft 25,374 billion (€95.56 billion) in nominal terms, and GDP per capita was Ft 2.523 million, KSH said. (MTI-Econews)
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.