Hungary’s first-quarter GDP grew by 5.3% annually, beating market estimates. This is the country’s second highest growth since 1996 as it was higher by a small margin last year. While the real GDP growth rate falls behind these numbers, it’s still considered one of the highest growths in Hungary and Europe in the past decade. Although this increase is exceptional, economic experts foresee a decrease later this year.
Strong start
The Hungarian GDP (first estimate) grew by 5.3% in the first quarter of the year on an annual basis for raw data, according to the Central Statistical Office (KSH). Seasonal and calendar adjusted data show a 5.2% increase in the first three months of the year, beating market expectations of 5.1%. This means that the current growth is one of the highest yet.
Behind the numbers
As economic news site Portfolio points out, the Hungarian economy has three major strengths:
- Household consumption is supported by rapid wage increase and employment growth.
- Investments are supported by private demand, as well as EU funding which is at its max.
- Companies that have undergone capacity expansion and are producing for export can increase their shares in the external markets.
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For details take a look at the Hungary Today
Source: Hungary Today (Péter Cseresnyés 2019.05.17.)