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World Economy

30

OPEC Monthly Oil Market Report – September 2017

Transition region

In

Hungary

, the 1Q17 GDP posted relatively strong growth, though less than the previous quarter. GDP

grew by 3.2% y-o-y in 2Q17 vs 4.2% in 1Q17. Private consumption continued to increase in 2Q17 as public

expenditures kept declining. Public expenditures dropped by 2.3% y-o-y in 2Q17, whereas private

consumption grew by 4.6% y-o-y over the same period. The GFCF continued to be an influential factor

behind GDP growth, increasing by 21.2% y-o-y in 2Q17. Both exports and imports of goods and services

inched up in 2Q17 by 3.5% and 5.1% y-o-y, respectively. In 1Q17, Hungary’s GDP showed its highest

growth since 2Q14, thanks to a sharp increase in investment and balanced changes in trade. The GDP grew

by 4.2% y-o-y in 1Q17. The Hungarian forint appreciated for the fourth month in a row in August, by 3.4%

m-o-m versus the dollar, appreciating more than 11% since May 2017.