Hungarian GDP rises by 2.2% in the 1st quarter of 2020

Gross Domestic Product was 2.2% higher in Hungary in the 1st quarter of 2020 than in the corresponding period of the previous year, KSH latest data shows.

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.

Industry went up by 1.7%

The performance of industry went up by 1.7%, within which that of manufacturing by 1.3% compared to the same period of the previous year.

Among manufacturing branches, the largest contributors to the growth of industry were the manufacture of electrical equipment and the manufacture of computer, electronic and optical products.

The value added of construction increased by 3.0%. The performance of agriculture decreased by 0.6% compared to the corresponding period of the previous year.

The gross value added of services was up by 2.4% in total, the highest growth (8.8%) was reached by information and communication. The value added of wholesale and retail trade and accommodation and food service activities as well as professional, scientific, technical and administrative activities equally rose by 5.0%.

The performance of financial and insurance activities went up by 4.4%. The total value added of public administration, education and health decreased by 2.8%.

Services contributed by 1.2 percentage points, industry by 0.4 percentage point and construction by 0.1 percentage point to the 2.2% rise of gross domestic product in the 1st quarter of 2020.