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New EU accounting method to raise Hungary GDP by 1-2%

Parliament

The adoption of a new European Union accounting methodology is expected to raise Hungary’s GDP by 1-2%, the Central Statistics Office (KSH) said on Thursday. The revised European System of Accounts of the European Union, dubbed ‘ESA 2010’, had already been approved and its implementation will start in September 2014.

Pál Pozsonyi, head of KSH’s national accounts department, said the statistical office would apply the new methodology for publishing nominal GDP for the first time on September 30. All the earlier data will be recalculated by the new methodology dating back to 1995.

KSH department head Zsuzsa Boros Szőke said that R&D areas would be most effected. These expenditures will now be accounted as fixed capital formation rather than costs. The changes could raise GDP of all EU member states by between 0.5 and 4%, she said.

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