Hungarian economy expands by 4 pct in 2017

BUDAPEST, Feb. 14 (Xinhua) -- Hungary's gross domestic product (GDP) grew by 4.0 percent last year from a year ago, official data revealed here on Wednesday.

According to seasonally and calendar adjusted data, the economy grew by 4.2 percent in 2017.

In the fourth quarter of 2017, the Hungarian economy rose by 4.4 percent year on year, according to raw data, and grew 4.8 percent according to seasonally and calendar adjusted data, in a preliminary estimate released by the Hungarian Central Statistical Office (KSH).

Compared to the previous quarter the volume of gross domestic product grew by 1.3 percent in the fourth-quarter, adjusted for calendar and seasonal effects, according to KSH.

Market-based services and construction industry were the main contributors of the growth, KSH said.

"Last year, the Hungarian economy took a path of higher growth, thanks to the wage agreement signed by government and social partners in 2016," Hungarian minister of national economy Mihaly Varga commented on the GDP figures on Hungarian Television's channel M1.

Varga added: "2017 has highlighted by the fact that sustainable, balanced and continuous economic growth has been as achieved throughout the year, as not only one particular branch of the Hungarian economy grew, but the expansion of GDP included the increase of the industry, and also manufacturing of pharmaceuticals and electronic devices as well as construction branch."

Varga concluded by noting that due to this economic expansion, which puts Hungary in the middle of the Visegrad countries -- Poland, Hungary, Czech Republic and Slovakia -- in terms of GDP growth, Hungary was on the path of catching up with the Western countries of the European Union, which Hungary joined in 2004. Enditem