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Feb 17, 2020

Hungary’s GDP rose by an annual 4.5 percent at the end of 2019

Commenting on the numbers, Finance Minister Mihály Varga said Hungary’s economic growth rate again exceeded the European Union average.

Hungary’s GDP rose by an annual 4.5 percent in the fourth quarter of 2019, it has been revealed.

According to official figures from the Central Statistical Office (KSH), growth slowed from 5.3 percent in Q1, 4.9 percent in Q2 and 5 percent in Q3. Despite the drop, Hungary still demonstrated considerable growth in the current economic climate.

Full-year GDP growth reached 4.9 percent in 2019. In 2018, full-year growth was 5.1 percent, up from a 4.3 percent growth rate in 2017. Adjusted for seasonal and calendar year effects, Q4 GDP growth was 4.6 percent.

The seasonally and calendar year-adjusted annual growth rate was 4.9 percent in 2019, down from 5.1 percent in 2018 but up from 4.5 percent in 2017.

Commenting on the data, Finance Minister Mihály Varga said Hungary’s economic growth rate again exceeded the European Union average. Concerning 2020, he said the biggest challenges would come in the form of external uncertainty such as deteriorating trends in Germany’s automotive sector or the economic impact of the coronavirus.

The minister said his ministry, with the above mentioned risks in mind, has lowered its projection for GDP growth this year to 3.5 percent from an earlier 4 percent.

Photo credit: bbj.hu