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Hungary's GDP up by 0.9 pct in Q1

Xinhua, June 7, 2016 Adjust font size:

Hungary's gross domestic product (GDP) was up by 0.9 percent in the first quarter of 2016 compared to the first quarter of 2015, according to the second estimate of the Central Statistical Office issued on Tuesday.

According to seasonally-adjusted data, economic performance for the same period was up by 0.4 percent year-on-year but was down by 0.8 percent compared to the final quarter of 2015.

On the production side, the value added of industry and within that, the manufacturing industry, was down by 0.7 percent year-on-year. Building industry performance was down by 28 percent, while agriculture was down by 3.5 percent. The gross value added of services rose by 3.0 percent.

On the consumption side, household consumption rose by 4.0 percent year-on-year. Household expenditure was up by 4.8 percent.

Gross fixed asset accumulation was down by 7.8 percent, mostly because funding from the European Union was used up before the start of 2016 and was no longer available. Endit