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Hungary Q3 GDP contraction narrows slightly to 7.1%

Hungary's third-quarter GDP fell by an unadjusted 7.1% from the same period a year earlier according to both unadjusted and calendar-adjusted figures, the Central Statistics Office (KSH) said, revising a preliminary 7.2% drop slightly down in a second reading on Wednesday.

In a year-on-year comparison, the contraction of the economy slowed for the first time since the it started contracting in Q4 2008.

Hungary' GDP contracted 6.7% in Q1 and 7.5% in Q2 from a year earlier according to unadjusted figures. The calendar-adjusted decline was 6.1% in Q1 and 7.4% in Q2.

In a quarter-on-quarter comparison, Hungary's seasonally- and calendar-adjusted GDP dropped 1.8% from the second quarter, KSH said, unchanged from the fall shown in the first reading published on November 13. The q/q drop narrowed from 2.5% in Q1 and 1.9% in Q2, both revised a slight 0.1 percentage points lower from respective declines of 2.4% and 2.0%, reported earlier.

In a quarter-on-quarter comparison, the economy contracted for the sixth quarter in a row.

GDP of the first three quarters of 2009 fell 7.1% according to unadjusted figures and was down 6.9% according to calendar-adjusted figures. The drop followed an unadjusted 0.6% and an adjusted 0.4% GDP rise in 2008. (MTI-ECONEWS)