KSH: the food industry slowed down the industry’s decline the most

By: Trademagazin Date: 2024. 06. 04. 12:40

The volume of Hungary’s gross domestic product in the first quarter of 2024 exceeded the same period of the previous year by 1.1 percent according to raw data, and by 1.7 percent according to seasonally and calendar-adjusted and balanced data, the Central Statistical Office (KSH) confirmed in its second estimate released on Tuesday).

Compared to the previous quarter – based on seasonally and calendar-adjusted and balanced data – the performance of the economy increased by 0.8 percent.

The volume indices reported in the second estimate did not change compared to the first estimate. The output of industry fell by 4.2 percent, including that of the manufacturing industry by 4.8 percent compared to the same period of the previous year. Among the manufacturing sectors, the production of electrical equipment and the production of road vehicles contributed to the decline to the greatest extent, while the food industry mostly curbed the industrial decline.

The added value of the construction industry exceeded the same period of the previous year by 3.0 percent, and that of agriculture by 0.4 percent.

The gross added value of services increased by a combined 2.7 percent. The largest increase (9.8 percent) occurred in the information and communication branch of the national economy. The added value of art, leisure and other services increased by 7.3 percent, that of education by 6.6 percent, and that of accommodation and hospitality by 5.2 percent.