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Hungary Q4 GDP Growth Confirmed At 1.4%

The Hungarian economic growth remained steady at 1.4 percent on an annual basis in the fourth quarter, revised estimates from the Hungarian Central Statistical Office confirmed Friday.

The statistical office said that the GDP growth was mainly due to the agricultural production and the industrial exports. Agriculture contributed by 0.9 percentage points to the overall GDP growth.

The industrial performance rose 3.5 percent annually, mainly due to the 4.5 percent growth of manufacturing. Export-oriented corporations remained the engine of industrial growth, the statistical office said.

According to seasonally adjusted data, the gross domestic product was 0.3 percent higher compared to the previous quarter. In 2011, the economy grew 1.7 percent. These figures also matched the preliminary estimates.

On the expenditure side, the final consumption of households declined 0.1 percent year-on-year in the fourth quarter of 2011. Final consumption of government showed a decrease of 0.7 percent. Actual final consumption decreased 0.2 percent, deducting 0.2 percentage point from GDP.

Investment fell 4.4 percent from a year earlier and subtracted 1 percentage points from GDP volume. Exports rose 4.9 percent year-on-year in the fourth quarter and imports were up 1.7 percent.

by RTTNews Staff Writer

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