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Hungary GDP grows 1.4% yr/yr in Q3

Hungary’s GDP rose 1.4% according to both unadjusted and a workday-adjusted figures in Q3 from the same period a year earlier, slowing slightly from 1.5% growth in Q2, the Central Statistics Office (KSH) said in a preliminary estimate on Tuesday.

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

The figure is up from the estimate of London analysts polled by MTI who had put GDP growth for Q3 at 0.7%-1.2%.

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

Quarter-on-quarter growth 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 started to grow on a yr/yr basis since Q1 2010, and growth picked up to peak at an unadjusted 2.5% and a workday-adjusted 2.4% in Q1 this year and has slowed since then.

Calendar year-adjusted year-on-year GDP growth in Q2 was the same as unadjusted growth.

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

Hungary’s GDP grew a calendar-adjusted 1.2% in 2010 after dropping 6.7% 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 1.8% in the first three quarters of 2011.

KSH will publish detailed data on Q3 GDP on December 9.