Investment volume in Hungary climbed by an annual 22.1 percent in the third quarter, the Central Statistical Office (KSH) said on Thursday.

Growth accelerated from 15.3 percent in Q2 and 10.8 percent in Q1.

Construction investments were up by 25.1 percent in Q3 and investments in machinery rose by 18.5 percent. In absolute terms, construction investments reached 1,285.9 billion forints (EUR 3.9bn) and machinery investments added up to 903.6 billion forints during the period.

Investment volume in the construction sector increased by 25.0 percent and manufacturing sector investments edged up 3.2 percent. Investments in the logistics sector jumped by 41.8 percent.

Commenting on the data, Finance Minister Mihály Varga said

investments were gaining momentum in Hungary, with new projects set to start in the car industry as well as the energy and manufacturing sectors over the coming period.

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The country’s high investment volume and industrial output momentum will allow the economy to continue to expand, Varga told public news channel M1, adding that his ministry expects GDP growth to again exceed 4 percent in the fourth quarter.

The minister said

the economy was strong enough to maintain this level of growth throughout 2019 and that the government projects a GDP growth rate of 4 percent next year, too.

Source: MTI