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Hungary GDP up unadjusted 2.4% yr/yr in Q1, rises 0.7% on quarter

Hungary's unadjusted year-on-year GDP growth accelerated to 2.4% in the first quarter of 2011 from 1.9% in Q4 2010, and GDP in Q1 was up by a seasonally and calendar-adjusted 0.7% from the fourth quarter, the Central Statistics Office (KSH) said in a first reading on Friday.

Analysts polled by the financial daily Napi Gazdaság estimated GDP grew 2.4% yr/yr in Q1.

Calendar year-adjusted yr/yr growth also picked up, to 2.3% from 1.7% in Q4.

GDP growth picked up in a quarter-on-quarter comparison too, rising by 0.7% after an upward revised 0.5% in the previous quarter.

Yr/yr GDP growth picked up to its highest pace since Q4 2006 when it grew an unadjusted 3.4% and a calendar-adjusted 3.6%, KSH figures show. Hungary's GDP started to rise -- by a slight unadjusted 0.1% and adjusted 0.2% -- in Q1 2010 after five quarters of yr/yr contraction.

GDP rose on the quarter now for the fifth quarter in a row, and the pace was the second highest after 0.8% in Q3 last year. KSH revised Q1 and Q2 2010 quarter-on-quarter growth downward while it upped the paces for Q3 and, by 0.3 percentage points, for Q4 last year.

GDP contracted quarter-on-quarter in each of the six quarters between Q2 2008 and Q3 2009.

Hungary's GDP grew an unadjusted 1.2% last year after contracting 6.7% in 2009. Calendar-adjusted figures showed 1.1% growth in 2010 after a 6.5% contraction in 2009.

KSH will publish a second reading of Q1 GDP data, including a breakdown per production and use, on June 9.