Hungarian Economy Grows Slightly in Q2


In the second quarter of 2013, Hungarian GDP expanded 0.5 percent compared to the corresponding period last year. Agriculture and construction were the biggest contributors to the growth, while manufacturing contracted.

On the production side, agriculture grew 17.2 percent and construction output went up by 6.9 percent.  Industry declined by 0.8 percent, due to the 0.6 percent contraction in manufacturing, mainly in basic pharmaceutical products and pharmaceutical preparations.

The services sector expanded by 0.1 percent compared to the same period of 2012, mainly explained by the 1.1 percent expansion of information and communication services, and the growing real estate activities (1 percent). The wholesale and retail trade, accommodation and food services dropped by 1.9%, while the performance of financial and insurance activities decreased by 1.1 percent.

On the expenditure side, the consumption of households increased by 0.3 percent, year-on-year basis. The public consumptions went up by 0.6 percent in the second quarter of 2013, from a 2.3 percent decline recorded in the first quarter. The gross fixed capital formation rose 4.9 percent, after a long period of decline.

The exports of goods increased by 3 percent in the period of April-June of 2013, while imports rose by 4.9 percent, year-on-year basis. Export of services went up by 3 percent, while their imports by 3.7 percent.

On quarter-on-quarter basis, the economy grew a seasonally adjusted 0.1 percent, showing a slower increase (0.6 percent) compared to the first three months of 2013.

Hungarian Central Statistical Office | Krisztina Györffy | krisztina@tradingeconomics.com
9/26/2013 4:05:35 PM