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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.