Hungary posts record 5 percent GDP growth in 2018

Hungary posted a record 5 percent GDP growth last year, data from the Central Statistics Office (KSH) shows.

The final figure is 0.1 percentage points higher than the last, February estimate. It is well above the 4.4 percent growth registered in 2017. In the last quarter of 2018 economic growth was 4.9 percent.

Detailed figures from KSH indicate that the main contributors to GDP growth were services with 2.4 percent, construction (0.8 percent) and the manufacturing industry (0.7 percent).

Consumption grew by 2.6 percent in 2018 and savings by 3.9 percent.

The nominal GDP in 2018 was HUF 42,073 billion (US$151.3 billion). The foreign trade balance, however, showed a slight deterioration, causing a 1.5 percentage point slowdown in economic growth. Export volume rose by 5.6 percent while imports grew by 8.2 percent.

The economic sector with the highest growth rate was construction with a 22.9 percent increase after an already massive 17 percent growth in 2017.

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