Hungary's GDP up by 1.7% y/y in Q3.

By bne IntelliNews December 10, 2010
Hungarys gross domestic product increased by 1.7% y/y in Q3 in both adjusted and non-adjusted terms on high industrial production and the external trade surplus, the revised data of the statistics office showed. This is a slight increase from the preliminary 1.6% growth, reported a month ago. In cumulative terms, the economy grew by 0.9% y/y in January-September. According to seasonally adjusted data, the GDP increased by 0.8% q/q. The unadjusted figures showed that the economic recession stopped in Q1 after five quarters of decline. Industry rose significantly by 10.8%, mainly due to the 12.5% y/y growth of the export-oriented manufacturing, especially in the following segment: machinery and equipment, metal processing and wood and paper. The value added of agriculture decreased by 15.2% y/y due to the poor harvest and the unfavourable weather. The construction showed a moderate 4.2% y/y decline. Agriculture, industry and construction together contributed 1.4pps to the GDP growth. The gross value added of services increased by 0.4% y/y (or 0.1pps of the GDP growth). The best performing sectors were trade, repair, hotels and restaurants due to higher domestic demand. On the expenditure side, final consumption of households increased by 1.2% y/y after seven quarters of decline and contributed to the GDP growth by 0.8pps. Household final consumption increased by 0.8% y/y, but partly due to the low base effect. Final consumption increased overall by 1.3%. The decline of gross fixed capital formation slowed down to 2.6% y/y.

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