May 16, 2017 / 7:03 AM / 3 months ago

Hungary's Q1 GDP jumps to 4.1 pct y/y, above forecast

    BUDAPEST, May 16 (Reuters) - The pace of Hungary's economic
growth jumped to an annual 4.1 percent in the first
quarter from 1.6 percent in the fourth quarter of 2016,
preliminary unadjusted data showed on Tuesday.
    That is the fastest clip in nearly three years, since the
second quarter of 2014. Analysts had forecast 3.35 percent
annual rise in GDP for the first quarter.
    In seasonally and calendar-adjusted terms, the gross
domestic product grew 3.7 percent year-on-year in the fourth
quarter and rose by 1.3 percent from the previous quarter.
    
    KSH STATEMENT
    "The main contributors to growth were industry and market
services."
    
    KSH STATISTICIAN ZSUZSANNA BOROS
    "Industry output and construction output both jumped
significantly, and market services delivered their usual robust
growth. In the case of industry and construction there was also
a low base this time last year, boosting the growth rate.
    "Construction grew by a third in March, industry by double
digits as well, which is observable everywhere from vehicle
manufacturing to electronics, drugs, everything. Agriculture is
an exception now, without much growth there, but agriculture had
a few good years before now. 
    "In the consumption side, there was a palpable growth in
vehicle sales, which includes fleet sales to companies as well
as household purchases.
    "European Union funds probably fuelled much of this growth
especially in the construction sector."

 GDP CHANGE                 Q1 2017       Q4 2016      Q1 2016
                                                   
 Unadjusted y/y                 4.1           1.6          1.1
 Calendar-adjusted y/y          3.7           1.8          1.1
 Seasonally and                 1.3           0.7         -0.5
 calendar-adjusted q/q                             
 
 (Reporting by Marton Dunai)
  

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