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Hungarian GDP records a growth of 2.9 pct in 2015

Xinhua, February 12, 2016 Adjust font size:

The Hungarian economy exceeded expectations in the fourth quarter of 2015, growing by 3.2 percent compared to the fourth quarter of 2014 in calendar-adjusted figures, while improving by 2.9 percent for the year, the Central Statistical Office and the National Economy Ministry reported on Friday.

National Economy Minister Mihaly Varga, commenting the figures, called the growth balanced and stable. Industry, he said, was principally responsible, having shot up by about 10 percent in the final quarter of 2015.

Varga said he expected the impetus of 2015's last quarter to continue into the first quarter of 2016, predicting a roughly 3 percent growth for January-March.

The Statistical Office statement cited growth in all areas of the economy except agriculture and the construction industry.

The ministry statement noted that the economy had been growing for the past three years.

It also pointed out that low oil prices had given a boost to domestic demand, and it cited tourism as a major contributor to service sector growth, saying that overnight stays in commercial accommodations had gone up by 5.4 percent in 2015. Employment, it wrote, was at a record high.

The ministry reported that Hungary's trade balance had shown a surplus of over 8 billion euros (8.9 billion dollars). The deficit was less than 2 percent of GDP. Endit