Budapest, June 5 (MTI) – Hungary’s economy grew by an annual 3.5 percent in the first quarter, lifted by strong performances in manufacturing and services, the Central Statistical Office (KSH) said in a second reading of data on Friday.
The headline figure was revised upward from a preliminary estimate of 3.4 percent.
Added value in the industrial sector was up 7.7 percent. The increase included an 8 percent rise in the manufacturing segment, supported by automotive industry companies, the KSH said.
Industry contributed 1.8 percentage point to headline growth, services 1.3 and construction 0.2, while the farm sector had a negative impact of 0.3 percentage points.
The production side of the economy is stable as industry, manufacturing and construction expanded significantly in the first quarter, the economy minister, Mihaly Varga, told public television, commenting on the KSH release. The data puts Hungary top of the class in the European Union, he told the M1 channel.
An expansion in exports and consumption also contributed to economic growth, he said, adding that another positive is that export growth is not slowing down as more and more Hungarian companies are situating themselves on foreign markets.