BUDAPEST: Hungary has seen its gross domestic product (GDP) increasing by 4.4 percent in the fourth quarter from the preceding year, an official release revealed. This meant that there was no change in the second estimate compared to the flash estimate announced earlier.
Hungary GDP expanded due primarily because of growth in services and construction sectors in the December quarter. On a seasonally and calendar adjusted and reconciled term, the country’s economy grew by 4.9 percent in the same period.
On a quarter-over-quarter basis, Hungary has witnessed its GDP growing at a pace of 1.3 percent in the fourth quarter. As far as the full year 2017 was concerned, the nation’s economy expanded 4.0 percent from the year 2016.
Within services the total contribution of wholesale and retail trade and accommodation and food service activities and of professional, scientific, technical and administrative activities (0.7 percentage point and 0.5 percentage point respectively) was the most significant. Agriculture and public administration, education and health both lowered GDP growth rate by 0.4 percentage point,” the release added.
The country’s gross fixed capital formation advanced 13 percent in the fourth quarter while domestic use as a whole expanded 5.3 percent in the same period.
