KSH: last year’s GDP was 4 percent smaller than in 2008

According to the joint flash estimate of KSH and Ecostat, Hungary's gross domestic product (GDP) rose by 1.7 percent in 2011, but despite the growth, the performance of the economy is still 4.0 percent below the level of 2008 – shows the Tuesday published flash report of the Central Statistical Office (KSH).

Last year’s Hungarian GDP growth is largely due to the export oriented industry and the good crop outputs of agriculture.

According to last week’s KSH report, exports increased by 11.8, imports by 10.8 percent last year. In particular, the export of processed products increased by 17.9, the exports of machinery and transportation products by less than the average by 6.1 percent, while food export increased by 16.1 percent, compared to the previous year. (MTI)