KSH: in the second quarter of 2024, according to raw data, the performance of the economy exceeded the same period of the previous year by 1.5 percent

By: Trademagazin Date: 2024. 09. 03. 13:19

The volume of Hungary’s gross domestic product in the second quarter of 2024 exceeded the same period of the previous year by 1.5 percent based on raw data, and 1.3 percent according to seasonally and calendar-adjusted and balanced data. Compared to the previous quarter – on the basis of seasonally and calendar-adjusted and balanced data – the performance of the economy decreased by 0.2 percent, the Central Statistics Office (KSH) reported on Tuesday based on its second estimate.

In the first half of 2024, according to raw data, the performance of the economy was 1.3 percent higher than in the same period of the previous year, and according to seasonally and calendar-adjusted and balanced data, it was 1.5 percent higher.

The volume indices reported in the second estimate did not change compared to the first estimate.

On the production side, the performance of industry fell by 2.4 percent, including that of the manufacturing industry, by 3.7 percent compared to the same period of the previous year in the second quarter. Among the manufacturing sectors, the production of electrical equipment and the production of road vehicles contributed the most to the decline, and the food industry was the most responsible for the industrial decline.

The added value of the construction industry exceeded the same period of the previous year by 6.2 percent, but that of agriculture fell by 5.2 percent as a result of the drought.

The gross added value of services increased by a combined 2.4 percent. The largest increase (7.2 percent) occurred in the national economy branch of accommodation and hospitality. The added value of art, leisure and other services increased by 6.9 percent, that of human health and social care by 4.7 percent, and that of information and communication by 3.3 percent.