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Hungarian GDP up 5.3 percent in Q1 of 2019

Christian Fernsby ▼ | May 16, 2019
Hungary's first-quarter GDP rose 5.3 percent year-on-year, the Central Statistics Office (KSH) said in a first reading of data.
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"The main contributors for growth were industry, construction and market-based services," KSH added.

Adjusted for calendar year effects, GDP growth was an annual 5.3 percent in Q1, up from 4.9 percent in Q4 of 2018. In a quarter-on-quarter comparison, growth increased by 1.5 percent in Q1 from 1.1 percent in Q4, adjusted for seasonal and calendar year effects.

"First quarter figures show, that after the 5 percent growth of last year, the Hungarian economy will be able to maintain the momentum in the current year as well," Hungarian Finance Minister Mihaly Varga declared on the website of the government following the publication of the data by KSH.

"The data prove the success of the Hungarian economic policy," Varga explained, adding that growth in employment, growth in wages and increasing investments were also supporting the economic growth.

In contrast to the beginning to the millennium, growth is on a sustainable path, free of high public debt and high deficit, Varga underlined.