Statistics office reports 3.5% GDP growth
Thursday, June 9, 2005, 11:14
The growth rate of Hungary?s national economy in Q1 was significantly above the European Union?s. Adjusted GDP increased by 3.5% year-on-year, 2 percentage points above the average rate in the EU. In seasonally adjusted data, economic growth on the previous quarter was 0.7%.
On the production side, growth compared with the previous quarter was primarily driven by the service sector, especially the transportation, hotel and hospitality industries, which together produced 3.6% more added value than in Q1 2004. The combined growth rate of agriculture, manufacturing and construction was 1.5% on Q4 2004. Within this, the most outstanding growth figures were the construction industry?s 3.7% and the 2.6% average of freight forwarding, logistics, mail services and telecommunications. On the consumption side, exports and imports increased by 1% and 1.1% on the previous quarter. At 0.6%, the growth rate of gross national savings and household consumption quarter-on-quarter remained below GDP growth.