Hungary’s economy expanded by 1.7% y/y in Q3 2013, speeding up from a 0.5% y/y rise in the previous quarter, the statistics office said in a flash estimate. The reading surprised the market, as the consensus forecast of analysts, polled by portfolio.hu, was for a 0.8% y/y increase in Q3.
On a quarterly basis, the GDP grew by 0.8% q/q in Q3, also accelerating from a 0.4% q/q rise in Q2.
Hungary was one of the top perfumers in the EU with seasonally adjusted GDP growth of 1.6% y/y in Q3, data from the Eurostat shwoed. The country was preceded by Romania (4.1%), Latvia (3.9%), Lithuania (2.2%) and Poland (1.7%).
The statistics office, which is due to release detailed GDP figures on December 4, said the economic growth was due to expanding agricultural, manufacturing and construction sectors.
The Hungarian government is targeting an annual growth of 0.7% in 2013, above the European Commission’s forecast of just 0.2%.
Meanwhile, the economy ministry said it expecta GDP growth to accelerate further to 2.5% q/q in Q4 2013, while the full-year growth could even surpass 1% y/y.
Related Articles
Druzhba oil flow to Slovakia and Hungary is renewed
The oil flow from the Russian Druzhba pipeline was renewed late on August 19. “The flow of oil to Slovakia is standard at the moment,” the country’s Minister of Economy Denisa Saková (Hlas) ... more
US Westinghouse could develop electricity storage site near Slovak Gabčíkovo hydroelectric power plant
US power company Westinghouse is reportedly in talks with the Slovak government to develop a new type of electricity storage site near the Gabčíkovo hydroelectric power plant (HPP) on the Danube ... more
Viktor Orban hints at possible EU exit scenario in conversation with hard-right platform
Prime Minister Viktor Orban said Hungary's EU membership remains worthwhile for now, but there could come a time when this changes. "There could theoretically be a point when it's no longer worth ... more
Most Read
-
Renewable capacity growth is faster than ever, but more acceleration needed to meet Paris 2030 goal, says IEA
1 year ago
-
Kyrgyzstan abandons attempt to rescue Russian climber trapped on icy summit of country’s highest mountain
23 days ago
-
BERTRAND: China after Communism, preparing for a post-CCP China
1 month ago
-
Hungarian economy faces weak growth, slow path to price stability, central bank report shows
2 months ago
-
UKRAINE REMONT: The battle to build: signs of recovery in Ukraine's construction industry
5 months ago