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15th November, 2018

Economic growth hits 5%

Third-quarter GDP growth was 4.8%, year-on-year, exceeding analysts expectations of a 4.3% rise, the Central Statistics Office announced yesterday.

Seasonally and workday-adjusted figures show growth of 5.0% year-on-year, and an expansion of 1.2% from the previous quarter.

The figure, while unexpectedly high, was just below the 4.9% registered for the second quarter.

Based on raw data, the GDP growth was 4.7% in the first three quarters.

The government now expects that GDP growth will also be well above 4% in the fourth quarter, Finance Minister Mihaly Varga said as he upgraded the official 2018 GDP growth target from 4.3% to 4.3-4.5%.

Varga’s forecast is modest, since even a 3.2% growth rate in the fourth quarter would result in annual GDP growth of 4.5%, Portfolio observes.

Varga said the third-quarter increase was the second highest in the EU after that of Ireland, and Hungary is the growth leader in Eastern Europe.

However, Ireland and Malta have not yet released their third-quarter GDP data, Portfolio points out. It adds that third-quarter GDP growth came to 5.7% in Poland and 5.5% in Latvia.

It was probably agriculture and construction that contributed more to the growth than analysts expected, said ING Bank senior economist Peter Virovacz. (ksh.hu; magyaridok.hu; portfolio.hu; napi.hu; hvg.hu; hirado.hu)
15th November, 2018

Agricultural prices 6% higher

Agricultural producer prices were up 6.2% year-on-year in September, the Central Statistics Office announced on Wednesday.

Produce prices went up by 12%, while livestock and animal product prices dropped by 2.8%.

There were increases of 15% and 27% in grain and vegetable prices, respectively, and declines of 11% in fruit prices and 3.2% in livestock prices.

In January-September, agricultural producer prices were 2.2% higher, year-on-year.

Livestock and animal product prices were down 2.1% while plant product prices were up 4.8%. (ksh.hu; magyarhirlap.hu; origo.hu)
15th November, 2018

Pension funds expand in Q3

Voluntarily pension funds received a total of Ft 23.6 billion in contributions in the third quarter, up 12% from one year earlier, head of the pension and health fund association Oposz Gabor Kravalik told a Wednesday press conference.

Members paid in Ft 13.1 billion, an increase of more than 14%, while employers paid Ft 10.5 billion to their employees’ accounts, a 9.3% rise.

Total assets managed by the funds reached Ft 1.320 trillion at the end of September, an increase of more than 3%.

The number of fund members remains steady at around one million.

Revenues of private health funds went up by 12% to Ft 9.7 billion in the third quarter. (portfolio.hu)

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