Faster than expected growth
In the 1st quarter of 2017 the Hungarian GDP increased by 4.1 percent, faster than originally expected. Thanks to this GKI has modified its annual growth forecast to 3.5 percent. In the first quarter the building and construction sector expanded by a spectacular 25 percent. However, retail sales only grew by 3.4 percent, less than in the same period last year. Real wages elevated by 8 percent and the number of people employed augmented by 2.5 percent.
In the 2014-2016 there was practically no inflation, but by the end of last year inflation started to grow and in February 2017 a 2.9- percent rate was measured. For the year 2017 a 2.5-percent inflation level is predicted. In February-April 2017 the unemployment rate was 4.6 percent, 1.3 percentage points lower than a year before but 0.2 percentage point higher than in the last quarter of 2016. The level of ‘real’ unemployment remained to be around 7 percent. //
Attila Udvardi
head of research
GKI
Related news
The unexpectedly low inflation in June surprised analysts
The Hungarian inflation data published this week caused a pleasant…
Read more >VIMOSZ: optimism in the tourism sector
Persisting optimism characterizes the Hungarian tourism sector, the players of…
Read more >Food prices rose at an accelerating rate in Germany
Inflation in Germany slowed down in June, according to the…
Read more >Related news
Large companies are resistant to economic uncertainty
Restrained expectations characterize the domestic corporate sector for the next…
Read more >Company trend in 2024: a more positive half-year, but still a negative message
The lowest number of companies in the last five years…
Read more >The Hungarian Marketing Association for the supply of the profession
The Hungarian Marketing Association is actively working for the future…
Read more >