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Hungary's GDP up by 3.6 pct in 2014

Xinhua, March 6, 2015 Adjust font size:

Hungary's gross domestic product (GDP) rose by 3.6 percent for the whole of 2014, the Central Statistical Office (KSH) reported on Friday, saying its revised figures showed a larger growth rate than the originally estimated 3.5 percent.

Manufacturing contributed 1.3 percentage points to the overall 3.6 percentage point GDP growth, while services made up 1.1 percentage points, and the construction industry and agriculture each added half a percentage point.

In the fourth quarter (Q4) of 2014, manufacturing grew by 5.5 percent, a bit less than in the three previous quarters, but was sufficient for an overall annual increment of 6.9 percent. By contrast, in 2013, manufacturing had declined by 4.4 percent.

The overall growth of the building industry was an impressive 13.6 percent for 2014 while agricultural output was also up by 12.6 percent. For agriculture this was a second consecutive good year, following a 15.1 percentage point improvement in 2013.

The service sector was up by 2.0 percentage points for the year, while household consumption improved by 1.6 percent.

Investments rose by 11.7 percent for the whole of 2014 while exports were up by 8.7 percent and imports by 10.0 percent. Endite