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Country Report Hungary Product Image

Country Report Hungary

  • ID: 2101527
  • May 2015
  • Region: Hungary
  • 27 Pages
  • The Economist Intelligence Unit

Real GDP grew by 3.4% year on year in the first quarter of 2015, led by strong performance in industry, according to preliminary data from the Central Statistical Office (KSH).

Hungary has posted year-on-year GDP growth rates of more than 3% for the past six quarters; growth ranked among the highest in the EU during January-March. Compared with the preceding quarter, GDP grew by 0.6% in the first quarter of 2015, seasonally and working-day adjusted data show. This represents a slowdown from quarter-on-quarter growth of 0.9% in the fourth quarter of 2014, although it is broadly in line with quarterly growth rates seen since Hungary's recovery started in mid-2013.

Although detailed GDP figures will be released only in June, the KSH did hint that industry was the main driver of first-quarter economic growth. Separate industry statistics from the KSH appear to confirm this, showing year-on-year output growth of 8% in the first quarter and 9% in March alone. Domestic and export sales of industry grew at similar rates, in both March and the first quarter. However, a sectoral breakdown tells a more lopsided story, as production in the automotive industry-already the largest sector with 30% of total output-grew by 19% year on year in March and more than 16% in the first quarter, reportedly led by a single manufacturer that completed a switch to a new car model. Growth was also strong in rubber and plastics products (up 13%), probably on the back of automotive industry demand. Growth in most other sectors, however, remained in the low single digits.

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Country Report Hungary

First-quarter GDP growth of 3.4% led by industry
Event
Analysis
Impact on the forecast

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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