Hungarian GDP Rises by 2.2%

The volume of gross domestic product was 2.2% higher in Hungary in the 1st quarter of 2020 than in the corresponding period of the previous year, the country's Central Statistical Office (KSH) reports.

The extraordinary situation resulting from the corona virus pandemic had a negative impact on the performance of most sections, but market services and, to a lesser extent, industry continued to be the driving forces for growth in the 1st quarter as a whole.

According to seasonally and calendar adjusted and reconciled data the performance of the economy was up by 2.0% compared to the corresponding quarter of the previous year and decreased by 0.4% compared to the previous quarter.

The actual final consumption of households increased by 4.3% compared to the same period of the previous year. Household final consumption expenditure, representing the largest proportion of the components of the actual final consumption of households, rose by 5.0%.

The (domestic) consumption expenditure of households realized on the territory of Hungary was 4.4% higher than a year earlier. Within this, a higher-than-average growth was recorded in the volume of domestic consumption expenditure on durable goods (e.g. passenger motor vehicles, furniture, large electric household appliances: 12%) and non-durable goods (e.g. food, alcoholic beverages, tobacco, electricity, gas and other fuels, water supply, medicines: 6.7%), compared with a lower-than-average rise for services (1.6%) as well as semi-durable goods (e.g. clothing, small household appliances, parts for vehicles: 0.2%).