Hungary economy expands 8.2 pc in Q1, KSH confirms

Hungary’s GDP grew by 8.2 percent year-on-year in the first quarter, the Central Statistical Office (KSH) said in a second reading of data on Wednesday.

Adjusted for seasonal and calendar year effects, first-quarter GDP rose by 8.0 percent year-on-year. In a quarter-on-quarter comparison, adjusted GDP rose by 2.1 percent.

On the production side, services added 5.3 percentage points to first-quarter, year-on-year headline growth, the construction sector 0.6 percentage point and industry 1.2 percentage points.

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Output of industry rose by 4.9 percent during the period, while output of services climbed 9.9 percent and construction output increased by 18.3 percent. Within services, output of the commercial accommodations and catering segment rose by 80.8 percent, rebounding from the base period when pandemic restrictions still weighed.

On the expenditure side, final consumption contributed 7.7 percentage points to growth, while gross capital formation added 3.0 percentage points. The trade balance shaved 2.6 percentage points off headline growth.

Final consumption increased by 10.6 percent, while gross capital formation rose by 13.2 percent.

Source: MTI

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