STATISTICAL REFLECTIONS 3 September 2014

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66/14 STATISTICAL REFLECTIONS 3 September 14 Second-quarter 14 GDP increased by 3.9 Gross domestic product, second quarter 14, second estimation Contents Introduction...1 Production...1 Expenditure.

1 66/14 STATISTICAL REFLECTIONS 3 September 14 Second-quarter 14 GDP increased by 3.9 Gross domestic product, second quarter 14, second estimation Contents Introduction...1 Production...1 Expenditure... Change of GDP compared to previous quarter...4 Introduction The gross domestic product of Hungary increased by 3.9 in the second quarter of 14 compared to the corresponding period of the previous year. The performances of construction, manufacturing agriculture grew significantly. According to seasonally calendar effects adjusted data, economic performance in the second quarter of 14 was up by 3.7 compared to the corresponding quarter of the previous year by.8 compared to the previous quarter. Production The value added of industry was 7. higher, within this the value added of manufacturing was 9. more in the second quarter year on year. Performances in the manufacture of transport equipment the related supplier branches grew significantly within manufacturing. The output of construction rose by 19.1, within this it was primarily the construction of buildings civil engineering works that increased. The performance of agriculture was up by 5.6 in the second quarter. The gross value added of services grew by.1 in year on year. The gross value added of wholesale retail trade as well as accommodation food service activities rose by.7, of which the growth of accommodation food service activities was significant. The performance of transportation storage was up by 4.5, in line with the output of industry. Due to the growth in computer programming, consultancy related activities the value added of information communication increased by.. The output of financial insurance activities lessened by 1.6, since on the one h despite an upswing in housing lending the effects of the Funding for Growth Scheme, loan dem new lending remained at invariably low levels, on the other h, insurance technical reserves increased further. The value added of professional, scientific, technical administrative activities exped by 3.5, within this the growth of scientific Figure 1 Volume change of GDP compared to same quarter of previous year Volume change of GDP compared to previous quarter (according to seasonally calendar adjusted data) Figure Unadjusted, raw index Seasonally calendar adjusted index

2 Gross domestic product, second quarter 14, second estimation Statistical reflections, 66/14 Volume indices of production of gross domestic product (GDP) Table 1 NACE code Industries (corresponding period of previous year=1.) Q Q3 Q4 Q1 R Q A Agriculture, forestry fishing B-E Mining quarrying, manufacturing electricity C Of which: manufacturing F Construction G-T Services,, of which: G+I wholesale retail trade, accommodation food service activities H Transportation storage J Information communication K Financial insurance activities L Real estate activities M-N Professional, scientific, technical administrative activities O-Q Public administration, education, health social work activities R-T Arts, entertainment other services GDP, (at purchasers' prices) R Revised data: the revision of the first-quarter 14 GDP is first of all due to the improving performance of agriculture. research development was significant. The performance of public administration, education health rose by 1.9. Industry contributed to the 3.9 growth of gross domestic product in the second quarter of 14 by 1.6 percentage points, construction by.6 percentage point services by 1. percentage points. Agriculture increased GDP by. percentage point. Expenditure The actual final consumption of households was up by 1.6 in the second quarter of 14 compared to the same period of the previous year. Household final consumption expenditure, the main component of the actual final consumption of households, went up by.4. Volumes grew in the case of food, transport, recreation culture as well as housing, water, electricity, gas other fuels out of the groups of expenditures with large weight within household final consumption expenditure. Stagnation was measured in the group of alcoholic beverages tobacco a decline in the case of other services. The consumption of Hungarian tourists abroad increased at a higher rate than the consumption of foreigners in Hungary. Social transfers in kind from the government lessened by.4, while the actual final consumption of the government was.4 higher than a year earlier. Contribution to GDP growth (production approach) Figure 3 Contribution to GDP growth (expenditure approach) Figure 4 Percentage points or Percentage points or Agriculture, forestry fishing Services, Industry, Net taxes on products Construction GDP growth, a) a) Compared to the same period of the previous year Actual consumption Gross capital formation External trade balance of goods services GDP growth, a) a) Compared to the same period of the previous year.

3 Statistical reflections, 66/14 Gross domestic product, second quarter 14, second estimation 3 Volume indices of final use of gross domestic product (GDP) Items of use Table (corresponding period of previous year = 1.) Q Q3 Q4 Q1 R Q Household final consumption expenditure Social transfers in kind from government Social transfers in kind from NPISHs Actual final consumption of households Actual final consumption of government Actual consumption, Gross fixed capital formation Changes in inventories a) x x x x x Gross capital formation Domestic use Exports Imports External trade balance of goods services a) x x x x x Gross domestic product (GDP), a) Indicators are not applicable. R Revised data. As a result of these trends actual consumption rose by 1.4 compared to the corresponding period of the previous year. Gross fixed capital formation increased by 18.7, a higher rate than in earlier quarters. The volumes of both construction investments investments in machinery equipment rose markedly. Investment output grew in the vast majority of industries. Substantial growths were recorded in the areas of transportation storage, manufacturing, public administration defence compulsory social security as well as agriculture out of industries having relatively large weight. Investments in real estate activities stagnated. Gross capital formation rose by 17.4 compared to one year before. Domestic use increased by a 4.3 in the second quarter. In the balance of external trade a surplus of HUF 64 billion was generated at current prices. Exports imports rose by respectively. The exports of goods increased by 6.7 their imports by 8.3. Within the balance of external trade the exports of services (including tourism) were 6.7, while their imports 1.6 higher compared to a year earlier. Actual consumption contributed to the 3.9 growth of gross domestic product in the second quarter of 14 by 1. percentage point, while gross capital formation by.9 percentage points. Export surplus had no impact on GDP growth this quarter Volume indices of main items of final use (average of quarters of 5=1)) Figure Household final consumption expenditure Gross fixed capital formation Exports

4 4 Gross domestic product, second quarter 14, second estimation Statistical reflections, 66/14 Change of GDP compared to previous quarter According to seasonally calendar effects adjusted data economic performance increased by.8 in the second quarter of 14 compared to the previous quarter, within this, the gross value added of agriculture, industry, construction services rose by 4.7,.1, respectively. Household final consumption expenditure grew by.7, while social transfers in kind from the government fell by.7. The actual final consumption of the government hardly changed. As an aggregate effect of all these, actual consumption was. higher. The volume of gross fixed capital formation rose by 4.5. Exports imports were up by respectively. According to the first release of Eurostat, the gross domestic product of the Member States of the European Union (EU8) increased by., while the gross domestic product of Germany was down by. in the second quarter of 14 compared to the previous quarter Volume change of GDP compared to previous quarter (seasonally calendar adjusted reconciled data) Figure Hungary EU8 Germany Volume indices of gross domestic product (GDP) Table 3 Period Unadjusted, raw data, Adjusted for calendar effects Seasonally calendar effects adjusted reconciled data corresponding period of previous year=1. corresponding previous quarter=1. () 8 Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Year Comparison to the previous quarter is always based on seasonally calendar effects adjusted data.

5 Statistical reflections, 66/14 Gross domestic product, second quarter 14, second estimation 5 Contribution to growth of gross domestic product (GDP) Table 4 (percentage points) Period Gross domestic product (GDP), agriculture, forestry fishing mining, manufacturing other industry Production approach construction services, net taxes on products domestic use, Expenditure approach actual final consumption, of which: gross capital formation, external balance of goods services a) 8 Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Q Q Year Q Q Year a) Difference between exports imports data of contribution to growth of gross domestic product (GDP). Further information, data (links): Tables (STADAT) Methodology Contact details: kommunikacio@ksh.hu Information service Telephone: +36 (1) HUNGARIAN CENTRAL STATISTICAL OFFICE, 14 All rights concerning the layout, graphics design work of this publication are reserved for HCSO. Any kind of reproduction of them has to be approved by HCSO. Any secondary publication is allowed only by the indication of source.

Gross domestic product, 2008 (Preliminary estimation)

Internet publication www.ksh.hu Hungarian September 2009 Central Statistical Office ISBN 978-963-235-266-4 Gross domestic product, 2008 (Preliminary estimation) Contents Summary...2 Tables...4 Methodological