The gross domestic product of Hungary was up by 5.0% according to raw data, and by 4.8% according to seasonally and calendar-adjusted and reconciled data in the fourth quarter of 2018, compared to Q4 2017, according to a flash estimate released Thursday by the Central Statistical Office (KSH). Full-year growth is estimated at 4.8%.
The volume of construction output, based on raw data released by the Central Statistical Office (KSH), was 17.5% higher in December 2018 than a year earlier. In 2018 as a whole, construction output grew by 22.3% compared to 2017, while construction producer prices were on average 9.5% higher than in the previous year.
Another institution has raised its forecast for the expansion of the Hungarian economy last year, along with one of the large international credit rating agencies. In the meantime, a change in Hungarian monetary policy is already on the spring horizon.
Consumer prices were 2.7% higher on average in January 2019 than a year earlier, level with the rate of inflation in December. Significant price rises have been measured over the past year for alcoholic beverages and tobacco, as well as food, according to the latest release of monthly data from the Central Statistical Office (KSH).
Commercial accommodation establishments saw a 3.8% growth in tourism nights in 2018, accompanied by a 9.3% rise in gross revenues compared to a year before, with December growth boosted by long weekends over the holiday period, according to data released by the Central Statistical Office (KSH).