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GDP up 4.6% yr/yr in Q1

Hungary's economy expanded 4.6% year on year in volume terms in the first quarter of 2006, according to unadjusted figures, the Central Statistics Office (KSH) announced on Friday.

According to the KSH's first estimate published on May 16, GDP rose 4.5%. First-quarter GDP growth was a calendar-adjusted 4.4%. Compared to Q4 2005, GDP growth was a seasonally adjusted 0.8%.
First quarter GDP growth was driven by 10% higher added value in industries, including an 11.5% rise in manufacturing sector, while services registered a 3.1% growth rate.
On the consumption side, final domestic consumption was up just 2% year on year in Q1 2006 as against 9.7% rise in fixed capital formation and a slight improvement in net exports. Export volume of goods and services rose 18.2% and imports were up 14.2%.