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Hungary GDP grows 1.4% yr/yr in Q3, unchanged from preliminary

Hungary’s GDP rose 1.4% yr/yr in Q3 according to both unadjusted and a workday-adjusted figures, slowing slightly from 1.5% growth in Q2, the Central Statistics Office (KSH) said, confirming preliminary figures in a second reading on Friday.

Quarter-on-quarter, GDP rose 0.5% in Q3 after a 0.2% rise in Q2, seasonally- and calendar year-adjusted data show.

The q/q pace is also unchanged from the first reading published on November 15.

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

Hungary’s GDP started to grow on a yr/yr basis after five quarters of decline in Q1 2010. The pace peaked at an adjusted 2.4% and unadjusted 2.5% in Q1 this year and slowed since then.

Quarter-on-quarter growth in Q3 was back at the pace experienced in Q1 this year, and was the highest since a 0.7% increase in Q3 2010. Hungary’s GDP declined q-on-q every quarter between Q2 2008 and Q3 2009.

Q1-Q3 GDP was up 1.8% from one year earlier according to both unadjusted and calendar-adjusted figures.

Hungary’s GDP grew by a calendar-adjusted 1.2% in 2010 after a 6.7% contraction in 2009.

According to seasonally and calendar-adjusted figures used by the Eurostat for comparison, Hungary’s yr/yr GDP growth slowed to 1.5% in Q3 from 1.7% in Q2, and rose 1.7% in the first three quarters of 2011.