Data compiled by the Hungarian Central Statistical Office (KSH) show that in the first half of 2017 Hungary posted robust GDP per capita growth: following a year-on-year increase of 3.7 percent in the first quarter, the economy grew by above 3 percent in the second quarter, compared to the corresponding period of the previous year.
Hungary’s food industry is strong, competitive and has a remarkable weight even from an international perspective, Minister for National Economy Mihály Varga said on 19 July 2017 at the opening of a new project by an agricultural company in Nádudvar, Eastern Hungary.
Hungary is a country of long-standing agricultural traditions that is endowed with excellent natural values, and consequently, it is a country with a long history of manufacturers processing agricultural raw materials. The existing excellent know-how has been complemented and bolstered by technological development financed by foreign funding, and this combination enables the production of goods that meet high international quality standards.
According to data published recently by the Hungarian Central Statistical Office (KSH), in June 2017 the number of tourism nights spent at accommodation establishments grew by 12 percent year-on-year. The number of tourism nights by foreign guests increased the most dynamically, having gained 16 percent in the observed period, while that by domestic guests was up by 8.8 percent compared to the corresponding period of the previous year. Gross revenues at accommodation establishments soared, at current prices, by 22 percent. Thus, the tourism sector has continued to gain weight within the national economy.
According to the latest labour market report by the Hungarian Central Statistical Office (KSH), in the second quarter of 2017 the unemployment rate continued to decrease and the number of people in employment continued to rise.
According to the latest property price report by the Hungarian Central Statistical Office (KSH) published on 27 July 2017, prices continued to rise in the first quarter of 2017. The latest Housing Market Report by the National Bank of Hungary (May 2017) also shows favourable demand- and supply-side trends.
According to data compiled by the Hungarian Central Statistical Office (KSH), Hungary’s agricultural sector had a bumper year in 2016. The volume of both crop and livestock production was higher, and total output in the agricultural sector was up by 8.7 percent compared to the previous year. Thus, the sector added 3.8 percent to the country’s annual GDP.
Output volume growth observed at Hungary’s construction sector has continued: in May 2017, the volume of output rose by 35.4 percent and 7.5 percent year-on-year and quarter-on-quarter, respectively – the latest construction sector flash report by the Hungarian Central Statistical Office (KSH) has announced.
In the first quarter of 2017, Hungary’s net external financing capacity was EUR 1352 million (HUF 420bn), data adjusted for seasonal effects show, which corresponds to 5 percent of GDP as of Q1 2017 – according to a recent press release of the National Bank of Hungary (MNB).
The European Commission published the latest data of the European Sentiment Indicator (ESI) on 29 June 2017. According to the survey, the indicator has hit the highest level in ten years and the index for Hungary was also at an all-time high. In addition, the GKI Economic Sentiment Index and Business Confidence Index also showed unprecedented levels.
The National Bank of Hungary (MNB) published its latest inflation report on 22 June 2017, in which the bank predict that inflation – underpinned by favourable domestic and international effects – is set to rise slightly and hit the rate considered to be sustainable and in line with the MNB’s target in the first half of 2019.