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Financial News: Hungary Q1 GDP Growth Improves As Estimated

Hungary Q1 GDP Growth Improves As Estimated

06/01/2022 - 09:21:00 (RTTNews)

(RTTNews) - Hungary's economic growth improved in the three months ended March as initially estimated, the latest figures from the Hungarian Central Statistical Office showed on Wednesday.

Gross domestic product grew an unadjusted 8.2 percent year-over-year in the first quarter, faster than the 7.1 percent rise in the previous quarter. That was in line with the flash data published on May 17.

On an adjusted basis, the annual economic growth improved to 8.0 percent in the March quarter from 7.1 percent in the December quarter.

Among expenditure components, gross fixed capital formation logged a sharp growth of 13.2 percent in the first quarter compared to last year, largely driven by more investments in construction activities.

The volume of developments significantly rose in manufacturing as well as in real estate activities and fell in wholesale and retail trade, the statistical office said.

Household final consumption expenditure alone increased 14.1 percent and government final consumption was 6.4 percent higher than in the corresponding period last year.

The volume of exports climbed 5.2 percent, while imports grew at a faster rate of 8.3 percent.

Compared to the previous quarter, GDP expanded a seasonally and calendar-adjusted 2.1 percent in the first quarter, following a 2.2 percent rise in the preceding three-month period. The latest figure was unchanged compared to the initial estimate.

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