Hungary GDP drops 1.2% on year, 0.2% on quarter in Q2
Hungary's GDP fell 1.2% year-on-year in the second quarter, both according to unadjusted and workday-adjusted figures, the Central Statistics Office (KSH) said in a first reading on Tuesday.
Second-quarter GDP fell 0.2% quarter-on-quarter, seasonally- and calendar year-adjusted data show.
GDP fell for the second quarter in a row in a quarterly comparison, meaning a recession. KSH upped the Q4 2011 figure from no-change to 0.1% growth. The earlier figures showed that GDP fell or contracted starting Q2 2011.
Analysts polled by the financial daily Napi Gazdaság had put the Q2 yr/yr drop to slightly over 1% and the quarterly fall to 0.1%. London analysts' forecast varied between a yr/yr contraction of 1.2% and 1.3% and a quarter-on-quarter drop between 0.1% and 0.4%.
KSH revised the Q1 2012 quarterly decline down from 1.2% to 1.0%. GDP fell 0.3% instead of 0.2% in Q2 2011, did not change in Q3 and rose 0.1% in Q4 last year, the fresh revisions show.
Q1 GDP dropped an unadjusted 0.7% and a workday-adjusted 1.2% yr/yr, the same as in the previous report. Q1 2012 saw the first yr/yr GDP contraction since Q4 2009, which ended five quarters of decline.
GDP fell 1.0% yr/yr in Q2 according to seasonally and workday-adjusted figures used for EU comparisons.
Hungary's GDP growth rose an unadjusted 1.6% and a workday-adjusted 1.7% in 2011.
A few tenths of a percentage point of the 1.2% yr/yr contraction in Q2 reflected agriculture, KSH department head Péter Szabó told reporters. About half of the economic branches stagnated, GDP in agriculture and the construction sector contracted and the info-communication branch showed growth in Q2, KSH said.
KSH is scheduled to publish a second reading of Q2 GDP figures on September 7.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.