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Hungarian GDP increase has surpassed expectations, the economy grew by 2.9% in 2015. The pace of increase strengthened in the last quarter remarkably, by 3.2%. Hungary’s rate of domestic economic growth was higher than that of the 28 EU countries’ average level (1.8%). Main contributors to this achievement were industrial production, trade and accommodation services. The volume of industrial production grew by 5.7% in 2015; building investments grew by 3%. The volume of residential units built has somewhat dropped in comparison with last year’s data (by 8.9%); however, this figure is expected to increase already in 2016 due to the new subsidies on dwelling purchases.
Retail trade continued to expand in 2015: the volume increase reached 5.5% compared to last year’s 5.2%. On average, consumer prices dropped by 0.1% during the year. The average price level of food, services and durables increased, while household energy and fuel became cheaper in 2015.
Unemployment rate further diminished comparing to the previous year; the ratio of the unemployed went down by 1.0 percentage points to 6.8%. In addition, the ratio of long term unemployment decreased (by 2.1 percentage points to 47.4%). The Hungarian National Bank continued to decrease the base rate; the base rate went down to 1.35% from 2.1% in 2015.
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