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Hungary Q3 GDP down 1.8% on quarter, drops 7.2% on year

Hungary's gross domestic product (GDP) fell by 1.8% in third quarter from the second quarter after a 2.0% decline in Q2 according to seasonally and calendar adjusted figures according to a first estimate by the Central Statistical Office (KSH).

GDP contraction slowed less than analysts expected.

Unadjusted twelve-month fall was 7.2%, less than the 7.5% contraction registered in Q2 but bigger than the 6.7% fall measured in Q1.

Calendar-adjusted twelve-month growth was also 7.2%, slowing slightly from a 7.4% fall in Q1.

Seasonally and calendar-adjusted calculations -- excluding calendar- as well as one-off effects, and are used by the Eurostat -- show that the twelve-month contraction still widened, from 7.2% in Q2 to 8% in Q3.

In a year-on-year comparison, Hungary's economy started contracting in Q4 2008.

In a quarter-on-quarter comparison, the economy has contracted now for the sixth quarter in a row. The quarterly fall was the biggest, at 2.6%, in the first quarter of this year, and has slowed since.

Analysts polled by the business daily Napi estimated a 6.7% yr/yr GDP fall for the third quarter, and London analysts polled by MTI put the unadjusted yr/yr decline between 6.5% and 7.1%.

KSH will publish a second reading and details of Q3 GDP on December 9. (MTI – Econews)