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Hungary GDP growth up 5.1 percent in Q2 year-on-year

Christian Fernsby ▼ | August 15, 2019
Hungary's second-quarter GDP rose 5.1 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 informed.

Topics: Hungary GDP

Adjusted for calendar year effects, GDP growth was an annual 5.1 percent in Q2, down from 5.2 percent in Q1.

In a quarter-on-quarter comparison, growth increased by 1.1 percent in Q2 from 1.4 percent in Q1, adjusted for seasonal and calendar year effects.

"The measures of the government to stimulate economy are successful, as shown by the dynamically growing Hungarian economy by 5.1 percent in Q2 2019," Hungarian Finance Minister Mihaly Varga declared on the government website following the publication of the KSH data.

"This growth, which has repeatedly exceeded analysts' expectations, is driven by, among other things, rising employment and wages, rising investment and household consumption, and export performance," Varga explained, adding that growth in employment, growth in wages and increasing investments were also supporting the economic growth.

"While the European Union Member States are still showing signs of slowing down, the growth of the Hungarian economy is supported by several factors, behind which are stable and balanced foundations," Varga underlined.