Hungary’s GDP growth highest in the EU

Hungary has embarked on a period of economic growth which could put the country among the fastest-growing European Union member states

Prime Minister Viktor Orban said on the 25th of August,  addressing the annual meeting of Hungarian mission leaders.

 

Today’s news is that the Central Statistical Office (KSH) has confirmed their preliminary GDP growth figure: Hungary’s gross domestic product increased by 3.9% in the second quarter of 2014 compared to the corresponding period of the previous year.  That’s 0.8% on a quarterly basis.

Now this is the highest growth in the European Union.

KSH  has also revised the first quarter GDP growth data  today and they have upped  it to 3.7% year-on-year from 3.5% y/y.

Here’s the break-down of the growth data by sectors (on a quarterly basis):

 

 

Analysts warn that the growth will slow in the second half of the year because of the economic impact of the EU-Russia conflict. However the expected yearly growth of the Hungarian economy in 2014 is still 3.1%.

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