Hungary’s gross domestic product in the third quarter grew by an annual 4.9%, the Central Statistical Office (KSH) said in a second reading of data. The KSH raised the figure from 4.8% in a first reading released on November 14, mainly on the better than expected performance of market-based services and strong growth in higher value added branches of industry.
In the first three quarters, GDP grew by an annual 4.8%. The strong growth of the Hungarian economy is based on the robust performance of services and higher wages, the deputy state secretary of the finance ministry said commenting on the GDP data.
László Balogh told current affairs channel M1 that the KSH’s second detailed data release showed that branches within the service sector linked to strong wage growth, such as tourism, arts and entertainment, and commercial services performed well. He said the data suggested that Visegrad Group states were the engines of European growth. Hungarian economic growth was two and a half times higher than the EU average of 1.9%, he said, adding that annual growth in Hungary was set to hit 4.5% in the full year.
In a statement, the ministry said the KSH’s second reading showed growth unparalleled since 1995 and was the second strongest data among EU member states. The rate of growth is expected to remain steady for the rest of this year and is likely to hue to around 4% in the coming years, it added.