Hungarian GDP growth picks up to 5.0 pct in Q3

Source: Xinhua| 2019-11-14 20:39:49|Editor: xuxin
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BUDAPEST, Nov. 14 (Xinhua) -- Hungary's gross domestic products (GDP) growth rose 5.0 percent year-on-year in the third quarter (Q3) of 2019, according data released by the Central Statistics Office (KSH) here on Thursday.

"The industrial and construction sectors as well as market-based services contributed the most to growth in the third quarter," KSH said in a statement, adding that the growth accelerated from 4.9 percent in the second quarter.

Adjusted for seasonal and calendar year effects, third quarter GDP growth was 4.8 percent, according to KSH.

Speaking at a press conference after the release of the data, Hungarian Finance Minister Mihaly Varga said: "The growth was supported by government measures to boost employment, improve competitiveness, support home construction and better utilize EU funding, as well as by investment incentives."

"The Hungarian government is following closely economic and geopolitical developments in Europe and the rest of the world and has already initiated measures to shield the Hungarian companies from their impact. More steps to protect the economy are expected to be taken next spring," he added.

According to Varga, in its quarterly forecast released a week earlier, the European Commission put Hungary's GDP growth projection for this year at 4.6 percent. The Hungarian government's expectation for 2019 stands a bit higher, at 4.8 percent.