Hungary's Q1 GDP up by 2.4%y/y.

By bne IntelliNews June 10, 2011
Hungary's economy grew by an unadjusted 2.5% y/y and by a calendar-adjusted 2.4% y/y in in Q1 2011, both figures being 0.1pps above the flash estimates, the statistics office reported. According to seasonally and work-day adjusted data, the GDP increase accelerated to 0.7% q/q, compared to a 0.5% q/q expansion in Q4 2010. The value of GDP calculated at current prices stood at to HUF 6.3tn (EUR bn) for the quarter. Hungary's economy started rebounding in H1 2010, with net exports being the main driving force behind the economy ever since. The tendency was preserved in January-March, as external trade surplus and high industrial production were the sources of improvement. On the supply side, the industry sector increased at the steepest rate of 11.4% y/y and contributed with 2.5pps for the GDP change, as manufacturing alone improved by 13.2%y/y. Agriculture rebounded in Q1, recording a 2.9% y/y growth, after plummeting by more than 15% in 2010. At the same time, construction was still weak, contracting at a rate of 9.2% on annual basis. After a slight increase in the second half of 2010, services remained almost flat in the quarter. Regarding the expenditure side, household consumption was down by 0.8% y/y in Q1, contributing by minus 0.5pps to the GDP change. Government consumption however increased by 3.8% y/y, thus restricting the drop in the total final consumption to 0.2% y/y during the first three months of the year. The pace of deterioration in investments was lower as they declined by 1.6% y/y, compared to a 9.1%y/y slump in Q4. Net exports thus remained the most important driving force of the economy on the demand side, contributing to the GDP growth in Q1 2011 by 1.2pps, as both exports and imports improved by 14.4% on the year.
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