A Big Growth Surprise from Net Exports

HUNGARY - Report 13 Mar 2015 by Istvan Racz
Executive Summary Detailed GDP figures for Q4 2014 show that the unexpected strength of output (+0.8% qoq sda) was mainly due to a pick-up in net exports. Consumer demand was also relatively strong, while fixed investment was losing momentum, and inventory accumulation remained markedly negative. On the supply side, most of the increment of demand was taken up by services, with a crucial contribution made by the trade and tourism sectors. The first monthly data for 2015 was quite promising. Retail sales rose by a spectacular 8% yoy in January, fuelled by massive gains in employment and wage...

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