Hungary’s gross domestic product grew by 3.1% year on year in the fourth quarter of 2015, according to the second estimate by the Central Statistical Office (KSH). For the full-year, growth came to 2.9%
Growth was helped by all main sectors with the exception of agriculture and the construction sector. Industry remained the engine for GDP growth but output growth, formerly present mainly in vehicle manufacturing and its suppliers, has now extended to almost all branches of industry
Consumption grew dynamically, by 3.5% while the volume of investment posted impressive growth of 6.5%. On the production side the industrial and services sectors grew by 6.3% and 2.8%, respectively.
The economy is expected to continue to grow and the general government debt-to-GDP ratio is seen to fall, the Ministry of Economy said on its webpage. Government measures may substantially offset the cyclical slow-down due to the schedule of EU transfers in 2016. Economy maintains the 2.5 percent GDP growth estimate for this year.
