BUDAPEST: The volume of gross domestic product in Hungary was up by 2% in 2016 as a whole, as compared to the previous year, according to a second estimate of data published by the Central Statistical Office (KSH) today.
The volume of GDP was 1.6% higher in the fourth quarter of 2016 than in the corresponding period of the previous year. The primary contributors to the growth were market-based services and agriculture. According to seasonally and calendar-adjusted and reconciled data, the performance of the economy in Q4 was up by 1.5% compared to the corresponding quarter of 2015, and by 0.4% compared to the previous quarter.
According to seasonally and calendar-adjusted and reconciled data, the performance of the economy in 2016 as a whole was up by 1.8% compared to the previous year, the KSH added.
From the production approach, gross value added was up by 17% in agriculture, by 3.0% in services and by 0.8% in industry, and fell by 18% in construction in 2016 compared to the previous year. Services contributed by 1.6 percentage points, agriculture by 0.6 percentage point and industry by 0.2 percentage point to the growth in GDP. Construction lowered growth by 0.6 percentage point, according to KSH data.
From the expenditure approach, the actual final consumption of households was up by 4.2% in 2016, and the actual final consumption of the government practically stagnated (+0.1%), the KSH said. As a result of these two items, actual final consumption rose by 3.6%. Gross capital formation decreased by 5.0%, within which gross fixed capital formation fell by 15%. Exports grew by 5.8% and imports by 5.7% year-on-year, the KSH added.
Actual final consumption increased the GDP growth rate by 2.5 percentage points and the balance of external trade as a whole did so by 0.6 percentage point, from the expenditure approach. Gross capital formation slowed down the growth of economic performance by 1.1 percentage points, the KSH added.
