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
Glass wool production restarts in Hungary after 16-year hiatus
Glass wool manufacturing has resumed in Hungary after a 16-year break, as the first trial products rolled off the production line at a new thermal insulation plant built in northeastern Hungary ... more
Referendum finds 95% of Hungarians oppose Ukraine's EU accession - Orban
Hungarian Prime Minister Viktor Orban has declared that an overwhelming majority of Hungarians oppose Ukraine’s accession to the European Union, citing the results of a national referendum ahead of ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
10 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago