KSH: GDP growth up 3.5% y.o.y. in Q1 2013

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Hungary’s first-quarter GDP growth accelerated to 3.5% year-on-year, up from 2.7% in Q4 2013, the Central Statistics Office (KSH) reported today. The rate was the highest registered since a 3.7% increase in Q4 2006. 

 London analysts had put the year-on-year rate well over 2%, with some saying it could match Q4 growth. The Hungarian currency firmed about a full forint to 302.8 against the euro minutes after the data was released.

Adjusted for calendar effects, Q1 GDP was up 3.4% after an unadjusted 2.7% rise in Q4 2013.

According to seasonally- and calendar-adjusted GDP EU-conform calculations, climbed 3.2% from a year earlier.

Quarter-on-quarter, GDP rose a seasonally and calendar-adjusted 1.1% after an upward-revised 0.7% growth in Q4.

Hungary’s GDP grew an unadjusted 1.1% and a calendar-adjusted 1.2% in 2013.

National Economy Minister Mihály Varga stated on public television this morning that Hungary’s economy could grow 2.5% this year.

The government revised its forecast for 2013 GDP growth to 2.3% from 2.0% in Hungary’s updated convergence program sent to Brussels in April.

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