In the third quarter of 2013, according to unadjusted data Hungary’s year-on-year GDP growth was 1.8 percent, higher than the preliminary figure, while GDP was up by 1.6 percent on the basis of data adjusted for seasonal and calendar effects. Quarter-on-quarter, GDP increased by 0.9 percent. Thanks to the Government’s economic policy, the Hungarian economy has entered a steady growth path.

In light of detailed data, output with regard to sectors of agriculture, industry, construction and services all improved in comparison to the corresponding period of the previous year. The  value added of the agricultural sector – following last year’s low base – jumped by 27.6 percent, thus contributing with 1.4 percentage points to GDP growth. The performance of the construction sector improved by 7.3 percent which added 0.3 percentage points to economic growth. The gross value added of the industrial sector was 0.4 percent, within which manufacturing industry registered an increase of 1.7 percent, compared to the same period of the previous year.

According to the latest, final data for September, output of the industrial sector was up by 5.5 percent year-on-year, to which recently expanded car industry capacities (Audi, Opel, Mercedes) have contributed significantly.
Following a more than one-year long negative trend regarding the services sector, this segment increased by 0.1 percent in comparison to the corresponding period of the previous year.

It has to be stressed that the Hungarian economy is rebounding while it can maintain positive external balance and the current account has even posted increasing surpluses compared to the previous year.  Net exports have resumed the role of an economic driving force after registering flat growth in the previous quarter. The volume of exports was up by 6 percent in the third quarter, beating the 5.8 percent import volume growth.

The EU’s (EU28) gross domestic product increased by 0.2 percent in the third quarter, compared to the previous quarter. In Germany, a key factor for Hungary’s economy, GDP edged up by 0.3 percent, quarter-on-quarter.  Behind Romania and Latvia, Hungary’s quarterly economic growth was the third best and far above the EU average.

(Ministry for National Economy)