Hungary’s GDP up 4.1% in first quarter

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Hungary’s GDP grew by 4.1% in the first quarter of the year compared to the corresponding period a year earlier, the Central Statistical Office (KSH) said today in a first estimate of data. The main contributors to the growth were industry and market-based services, the KSH said.

According to seasonally and calendar-adjusted and reconciled data, the volume of gross domestic product increased by 3.7% compared to the corresponding period of the previous year, the stats office added.

Compared to the preceding quarter (Q4 2016), GDP was up by 1.3% in Q1.

The consensus forecast of analysts was for 3.5% growth, notes Hungarian news agency MTI. The growth is the highest since the second quarter of 2014, when a figure of 4.5% was registered, and is also the highest first-quarter figure since 2006.

MTI notes that the effects of EU subsidies appear to have been felt in the Q1 growth.

MTI also notes that the construction sector showed 24.7% growth in the first three months of the year, compared to the low base in Q1 2016.

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