Analysts polled for Wednesday's issue of business daily Napi Gazdaság estimate Hungary's economy contracted by 4.8% in the fourth quarter compared to the same period a year earlier.
OTP Bank's Győző Eppich, who put the contraction at 3.6%, slowing from 7.1% in Q3, said the big improvement was likely the result of a better performance by the industrial sector. The construction sector probably contracted in Q4 in a quarter-on-quarter comparison as big motorway projects were wound up and few new investments were started, he added.
Gergely Suppan of Magyar Takarkekszovezetkezeti Bank put the Q4 contraction at 5.4% and the quarter-on-quarter fall at 0.5%. He put down the improvement to increasing exports, a replenishing of stocks and the fact that there were more work days than in the base period. (MTI-Econews)