Budapest, December 4 (MTI) – Hungary’s GDP grew by an annual 2.4 percent in the third quarter, lifted by strong performances in manufacturing and services while farm sector output declined, the Central Statistical Office (KSH) said in a second reading of data on Friday.
KSH revised the headline figure from 2.3 percent released in a first reading on November 13.
Added value in the industrial sector was up by 5.2 percent. The increase included a 5.9 percent rise in the manufacturing segment, supported by automotive industry companies, KSH said.
Construction sector performance was down by 0.5 percent, as both the building and civil engineering segments declined. Added value fell by 18 percent in the farm sector.
In the services sector, added value was up by 3.7 percent. The rise was supported by a 7.4 percent rise in trade, accommodation and catering services, a 2.9 percent increase in logistics and a 4.5 percent rise in the ITC segment. In financial services and insurance, added value was down by 0.2 percent.
Industry contributed 1.0 percentage point to headline growth and services 1.9 pp, while the farm sector had a negative impact of 0.9 percentage points.
On the utilisation side, households’ real consumption was up by 2.6 percent, with expenditures on household consumption climbing 2.7 percent and public consumption rising 4.4 percent, causing final consumption to increase by 2.8 percent.
Gross fixed capital formation fell by 1.5 percent, as both investments in construction and investments in equipment declined, with the latter decreasing more than the former.
Adjusted for seasonal and calendar year effects, GDP rose by 2.3 percent year on year in Q3. Quarter-on-quarter growth came to 0.6 percent.
In absolute terms at current producer prices, GDP came to 8,688.9 billion forints for the quarter.
KSH will publish the first estimate of the Q4 2015 GDP figures on February 12, 2016.
Analysts interviewed by MTI continue to expect GDP growth of around 3 percent in 2015.
Gergely Suppan of Takarekbank said economic growth could again come close to 3 percent in the last quarter and could reach 2.9 percent for the full year 2015.
Vivien Barczel and Gergely Urmossy of Erste said they revised their full-year forecast downwards minimally to 2.7 percent from 2.8 percent.
CIB Bank’s analysts predicted GDP growth of slightly under 3 percent for 2015.
(HUF 100 = EUR 0.3224)