Hungary's GDP up by 2.4 pct in Q3

Hungary's gross domestic product (GDP) rose by 2.4 percent in the 3rd quarter of this year when compared to the same period of 2014, according to finalized statistics released on Friday by the Central Statistics Office (KSH).

The preliminary estimate released in November had anticipated a 2.3 percent growth.

GDP was up by 0.6 percent compared to the 2nd quarter of the year with seasonal and calendar effects accounted for. Overall, GDP growth amounted to 2.8 percent for the first three-quarters of 2015, when compared to 2014 data.

The manufacturing industry was up by 5.9 percent while services grew by 3.7 percent, but the building industry declined by 0.5 percent and agriculture was down by 18.4 percent in the 3rd quarter.

Household consumption was up by 2.6 percent in real terms following a 2.3 percent increase in the 2nd quarter. Exports were up by 7.6 percent and imports grew by 6.8 percent.

Industry contributed by 1.0 percentage point and services by 1.9 percentage points to the 2.4 percent growth of GDP in the 3rd quarter of 2015. Agriculture lowered the growth rate of GDP by 0.9 percentage point.

The vehicle industry was a major contributor to manufacturing growth, while transportation, commerce, catering, and information technology boosted the service sector numbers.

On the borrowing and lending side, households paid off more bank loans than the amount borrowed by businesses, for a net decline in lending. Endit