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Nov 15, 2018

Hungary's third-quarter GDP grows by 5 percent year-on-year

Mihály Varga noted that the Q3 growth rate was two-and-a-half times the European Union average and the second-highest among all member states

Hungary’s third-quarter GDP has grown by an annual 5 percent, according to the latest figures released by the Central Statistical Office (KSH).

Mihály Varga, Minister of Finance, noted that the adjusted Q3 growth rate was two-and-a-half times the European Union average and the second-highest among all member states.

Among the sectors contributing to the phenomenal increase are the construction and service sectors.

The minister said that rising consumer consumption, boosted by higher wages and the double-digit increase in investments also supports economic growth.

Minister Varga said full-year GDP growth could be between 4.3 and 4.5 percent. The official government projection is for GDP growth of 4.3 percent.