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


Hungary's GDP rose 1.4% yr/yr in Q4 last year according to unadjusted and 1.5% on workday-adjusted figures, the Central Statistics Office (KSH) said in a first reading on Wednesday.

Agriculture was the main driving force behind growth, followed by industrial exports, KSH said.

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

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.

Both Q4 and full-year growth was up on the forecast of analysts polled by business daily Napi Gazdaság who put Q4 GDP growth to 0.7% yr/yr and full-year growth to 1.5%.

Yr/yr growth in the fourth quarter was unchanged from Q3 according to unadjusted figures and picked up from 1.4% growth in Q3 according to workday-adjusted figures.

Quarter-on-quarter, GDP rose 0.3% in Q3, slightly less than a downward revised 0.4% rise in Q3, seasonally- and calendar year-adjusted data show. KSH revised Q3 q/q growth down from 0.5%.

In a yr/yr comparison Hungary's GDP started to grow in Q1 2010 following the 2008 crisis. Workday-adjusted yr/yr growth gradually build up to peak at a 2.4% in Q1 2011, it slowed to 1.5% in Q2 last year and 1.4% in Q3 before a slight pickup in the fourth quarter of 2011.

Hungarian GDP has grown since the last quarter of 2009, seasonally and workday-adjusted figures show. The highest rates, of 0.7%, were registered in both Q3 2010 and Q1 2011. Q/q growth slowed to 0.1% in Q2 last year, accelerated to 0.4% in Q3 before slowing slightly in Q4.

According to seasonally and workday-adjusted figures used for EU comparison, Hungary's GDP rose 1.5% yr/yr, at an unchanged rate from Q3 and rose 1.7% in 2011 from 2010.

KSH will publish detailed data on Q4 GDP on March 9.

Paks II Work 'Rumbling Ahead,' Says Szijjártó Power

Paks II Work 'Rumbling Ahead,' Says Szijjártó

Hungary to Host Next EPC Summit Int’l Relations

Hungary to Host Next EPC Summit

New Tenants at Academia Offices Office Market

New Tenants at Academia Offices

Visitor Numbers, Guest Nights Climb in H1 Tourism

Visitor Numbers, Guest Nights Climb in H1


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.