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Hungary GDP grows unadjusted 2% in Q4, rises 1.2% in 2010

Hungary's unadjusted year-on-year GDP growth accelerated to 2.0% in Q4 2010 from 1.7% in Q3, and full-year growth was 1.2% last year, the Central Statistical Office (KSH) said in a first reading.

Yr/yr growth in Q4 reached the highest pace since Q2 2008 but quarter-on-quarter growth slowed 0.2%.

2010 GDP rose 1.2% according to both unadjusted and adjusted figures after contracting an unadjusted 6.7% and a workday-adjusted 6.5% in 2009. GDP rose an unadjusted 0.8% and a calendar-adjusted 0.6% in 2008.

Analysts estimated the economy grew 1.8% in Q4.

Calendar year-adjusted growth also picked up slightly to 1.8% in Q4 from 1.7% in Q3.

Yr/yr growth picked up to its highest pace since an unadjusted 2.3% and a calendar-adjusted 2.2% recorded in Q2 2008. Hungary's GDP started to rise yr/yr in Q1 (a slight unadjusted 0.1% and adjusted 0.2%) after five quarters of contraction.

In a quarter-on-quarter comparison, seasonally and calendar-adjusted GDP growth slowed to 0.2% from a revised 0.6% in Q3. 0.2% in Q2 and 1.4% in Q1. KSH revised Q2 and Q3 quarter-on-quarter growth downward while it upped Q1 growth.

GDP rose on the quarter now for the fifth quarter in a row, the revised figures show. GDP contracted quarter-on-quarter in each of the six quarters between Q2 2008 and Q3 2009.

Seasonally and calendar-adjusted growth was 2.4% in Q4 after 2.2% in Q3.

A second reading of the Q4 data will be published by KSH on March 11. (MTI – Econews)