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Hungary's GDP growth slows in Q2

Xinhua, August 14, 2015 Adjust font size:

Hungary's gross domestic product (GDP) was up by 2.7 percent year-on-year in the 2nd quarter of 2015, a slowdown from the 1st quarter's 3.5 percent rise, the Hungarian Central Statistical Office KSH reported on Friday, citing preliminary data.

It also reported that when adjusted for seasonal and calendar effects, the growth was 2.4 percent in Q2, down from 3.2 percent in Q1.

KSH reported that industrial growth was behind the increment while poorer agricultural performance was behind the decline in rate.

The overall GDP increased by 0.5 percent in volume in Q2 compared to the previous quarter, KSH added.

This was the first decline to less than 3 percent growth since Q4 of 2013.

National Economy Ministry State Secretary in charge of the national budget Peter Beno Banai commented the KSH report at a press conference by saying that a roughly 3 percent annual GDP growth was still a realistic target, given that both domestic and international economic flows were favorable.

He acknowledged that the 2.7 percent was less than the 3 percent the ministry had expected but noted that this was a preliminary figure and the finalized data could be different. He pointed out that Hungarian agriculture had had an exceptionally good performance in Q2 of 2014, which is probably why this year's numbers are lower.

At the same time, said Banai, the GDP growth for the first half of 2015 was 3.1 percent, while for the European Union as a whole it was only 1.8 percent. Endit