As the Hungarian Central Statistical Office (KSH) reported earlier this week, in January-November 2014 wages in real terms were up by 2.9 percent within the national economy.
In line with preliminary data, the volume of industrial output was 5.8 percent higher in November 2014, in comparison to the corresponding period of the previous year.
According to the latest data, the positive trend regarding growth in the number of people in employment has remained intact. In September-November 2014, the number of those in employment aged 15-74 years increased by 188 thousand, from 3 million 967 thousand one year ago to 4 million 155 thousand.
Hungary has pledged to increase spending on R&D-related projects to 1.8 percent of GDP until 2020, while in 2012 1.3 percent of GDP was disbursed for the same purpose. Hungary’s economic policy aims to close the gap with world leaders in the long term: with countries which devote 3 percent of GDP on research and development.
On 28 November, the Hungarian Central Statistical Office (KSH) published the latest data on the volume of investment in Hungary. These show that investment volume in the third quarter was 16.3 percent higher year-on-year. Thus, this indicator has risen for the fifth month in a row.
In the third quarter of this year, Hungary’s GDP grew – in line with prior estimates -- by 3.2 percent year-on-year. The largest factor contributing to growth was the industrial sector, adding 1.1 percentage points, but the share of the services sector within this achievement was also significant, as much as 0.7 percentage points. In comparison to the previous quarter, the economy expanded by 0.5 percent.
The OECD has upwardly revised Hungarian economic estimates
The OECD has turned more optimistic about Hungary’s future economic growth. According to the OECD Outlook published on 25 November, Hungary’s GDP growth will be 3.3 percent in 2014, while it will be 2.4 percent and 2.6 percent in the Czech Republic and Slovakia, respectively. The OECD is predicting that Poland’s economic growth will be on a par with Hungary’s. In the next two years, economic expansion will be more subdued in Hungary: 2.1 percent in 2015 and 1.7 percent in 2016.
The number of both guests and tourism nights showed growth in September 2014: data for the month continue to be above those for 2013, which constitute a high base. Increasing domestic demand was a key factor behind this result. According to the report published by
the Hungarian Central Statistical Office (KSH), in September 2014 the total number of guests was up by 4.9 percent in comparison to the corresponding period of the previous year.
According to preliminary data compiled by the Hungarian Central Statistical Office (KSH), the volume of industrial output increased by 7.6 percent in September in comparison to the corresponding period of 2013. Besides the excellent performance of the vehicle manufacturing sector, expansion has also been fuelled by output at related suppliers, the food industry and at electronic goods manufacturers. Output in the initial nine months of the year soared by 8.6 percent year-on-year.
In the European Commission’s Autumn Forecast, the economic growth prognosis for Hungary with regard to 2014 and 2015 was revised upward. This estimate is in line with the Government’s forecast. Data for 2014 and 2015 are especially noteworthy as the pace of growth within the EU28 is expected to decelerate this year and next.