Hungary Reports Adjusted First Quarter GDP Growth Of 3.7%

  • 16 May 2017 10:00 AM
Hungary Reports Adjusted First Quarter GDP Growth Of 3.7%
Hungary’s GDP increased 4.1 percent the first quarter of 2017 year on year according to the Central Statistical Office (KSH), exceeding quarterly growth expectations by some 0.6 percent, reports financial online daily

Most of the growth took place in the industrial and service sectors. Adjusting for seasonal and calendar factors, first quarter GDP growth was 3.7 percent, or 1.3 percentage points higher than the first quarter of 2016.

The Ministry for National Economy attributed the growth in part to higher wages.

Construction activity increased 24.7 percent over last year, which suffered a 27.6 percent decrease in 2016 over the previous year.

The financial daily writes that growth in processing industries, including car manufacturing, computers, electronics, and optical products, probably reflects the impact of EU supports, as well as a significant increase in new car sales.

ING Bank head economist Péter Virovácz reportedly told GDP growth may exceed 3,5 percent in 2017, and that the 4.1 percent annual growth projected by the Ministry for National Economy does not seem unduly optimistic.

Source: The Budapest Beacon

Republished with permissiom

  • How does this content make you feel?