Commentary Economy

Construction industry spearheads Hungarian economic growth

Explosive growth in the construction industry may lead to yet another year of GDP growth in the five percent range, analysts predict.

In the first two months of the year Hungarian construction output grew by 39 percent after an already very impressive 22.1 percent in the same period of 2018. This will likely more than offset a probable fall in agricultural output, hit by droughts in the first four months of the year, Takarékbank analysts say.

This could lead to an overall GDP growth in excess of five percent in the first two months, while the first quarter performance may be even higher due to a lower basis in the same quarter of 2018.

With the total value of residential, commercial and infrastructural construction contracts currently standing at a combined HUF 2,377 billion (EUR 7.4 billion) Takarékbank expects around 30 percent growth in construction output this year and a higher proportional contribution to the country’s overall GDP.

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