Hungary GDP grows 1.4% yr/yr in Q4, 1.7% in 2011

MNB

Hungary's GDP rose 1.4% yr/yr in Q4 last year according to unadjusted figures, the Central Statistics Office (KSH) said on Friday, confirming a first reading released on February 15.

Agriculture was the main driving force behind growth, followed by industrial exports, KSH said, noting that growth has shifted from industrial output and foreign trade towards agriculture in the last two quarters of 2011.

Quarter-on-quarter, GDP rose 0.3% in Q4, slightly less than the 0.4% rise in Q3, seasonally- and calendar year-adjusted data show.

GDP increased 1.7% in 2011 from 2010 according to both unadjusted and adjusted figures, more than in 2010.

2011 GDP was worth HUF 28,154 billion at nominal value, translating into HUF 2.823 million per head, KSH said.

Hungary's GDP rose 1.3% in 2010 and declined 6.8% in 2009 according to unadjusted figures, and rose 1.2% in 2010 and declined 6.7% in a workday-adjusted comparison.

The 1.4% unadjusted yr/yr growth registered in Q4 was the same as the preliminary rate and was unchanged from Q3.

KSH revised, however, calendar-adjusted Q4 growth up to 1.6% yr/yr from a preliminary 1.5%. Calendar-adjusted growth thus picked up more from 1.4% in Q3.

Seasonally and calendar-adjusted yr/yr growth -- used for EU comparisons -- was unchanged at 1.5% both in Q3 and in Q4.

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