Hungary’s economic output grew by 3.4% year-on-year in the fourth quarter of last year, lifted by strong performances in the manufacturing, construction and farm sectors, the Central Statistical Office (KSH) said in a second reading of data. Added value in the industrial sector climbed by an annual 4.0% during the period. The increase included a 5.5% rise in the manufacturing segment, supported by automotive industry companies. Added value in the construction sector went up by 6.2% and it rose in the farming sector by 12%, KSH said.
Adjusted for seasonal and calendar effects, headline GDP grew by 3.4% year-on-year. For the full year, GDP was up by 3.6%. Hungary’s GDP growth this year could exceed the government’s 2.5% projection. Growth has reached pre-crisis levels, the economy ministry said. The data, indicating strong growth in international comparison, together with a narrowing deficit and falling state debt, clearly show that rating agencies will have to upgrade Hungary this year, it said.
KSH also published its latest report on Hungary’s industrial output. Output of Hungary’s industrial sector increased by an annual 7.7% in January, according to workday-adjusted figures, the Central Statistical Office (KSH) said in a first reading of data on Friday. Industrial output growth accelerated from 4.7% in December. January industrial output rose by an unadjusted 5.3% from a year earlier compared to a 7.1% increase in December.
Miklós Schindele, department head at KSH, said that in addition to vehicle manufacturing, the energy and chemicals sectors must also have shown growth in January. KSH is scheduled to publish a second reading of the data, including sales, on March 12.
via ksh.hu, hungarymatters.hu and kormany.hu photo: public domain