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KSH: GDP growth accelerates to 3.4%

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GDP in Hungary saw a year-on-year growth of 3.4% in Q4 last year, accelerating from 3.2% in the previous quarter, a first reading of data released by the Central Statistics Office (KSH) today reveals.

The growth rate was 3.3%, adjusted for calendar year effects, and 3.4% adjusted for both calendar year and seasonal effects, while GDP growth for the full year came to 3.5%, based on both adjusted and unadjusted data.

National Economy Minister Mihály Varga said after the release of the data that economic growth continued to be "stable and strong", Hungarian news agency MTI reported. The minister also noted that growth had accelerated in Q4, contrary to expectations, adding that Hungary's economy was boosting its immunity against growth waves in the European Union.

ING chief analyst András Balatoni told MTI that Q4 growth was well over his 2.9% estimate and accelerated in spite of a slowdown in industrial output. In response to MTI's query, Buda-Cash Brokerház analyst Bálint Török also said the market expected a deceleration of growth due to the high base — 3.2% in Q4 2013 — as well as slacker investments, trade dynamics and industrial output.

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