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Q3 GDP up 4.5% yr/yr

Hungary's GDP rose 4.5% year-on-year in volume terms in the third quarter, according to a second reading of both calendar year-adjusted and unadjusted figures, the Central Statistics Office (KSH) announced on Friday. Hungary's economy grew a calendar year-adjusted 4.4% year-on-year in January-September, or an unadjusted 4.1% year-on-year. GDP rose a seasonally adjusted 1.1% from Q2.
Growth in Q3 was driven by industrial growth, mostly construction output, on the production side, and capital investments and exports on the consumption side, the figures show. Third-quarter industrial output rose 6.3% year-on-year and was up 3.7% from Q2. Within the industrial sector, the manufacturing sector expanded 6.7% year-on-year in Q3, roughly level with the 6.8% year-on-year increase in Q2. The construction sector grew at a faster rate, picking up from 14.2% year-on-year in Q2 to 17.6% year-on-year in Q3, mostly because of big motorway and road building projects as well as other civil engineering jobs. The farming sector contracted 10.9% year-on-year in Q3, but expanded 4.5% from Q2 because of the harvest. Growth in services was up 4.2% year-on-year in Q3.