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Hungary Q3 GDP growth slows to adjusted 0.7% - first reading

  Hungary’s Q3 gross domestic product (GDP) grew an unadjusted 0.8% and a calendar-year adjusted 0.7% from the same period a year earlier, according to a first estimate by the Central Statistics Office (KSH) and its research arm Ecostat published on Thursday. September industrial output down adjusted 5.3%.


KSH noted that the preliminary figures have a margin of error of +/- 0.2 percentage point. The figures are sharply down from analysts’ estimate of 1.6%.

Hungary’s GDP fell a seasonally adjusted quarter-on-quarter 0.1% in Q3, down from q/q growth of 0.4% in Q2 and 0.5% in Q1. First and third quarter GDP was up 1.2% from the same period of 2007. In 2007, Hungary’s GDP increased 1.3% according to both calendar-adjusted and unadjusted figures.

Hungary’s industrial output declined 5.3% in September from the same month a year earlier, falling sharply than the 1.9% decrease in August and 2.0% drop in July, a second reading of workday-adjusted data published by the KSH on Friday show. The detailed statistics confirm the preliminary 5.3% fall reported on November 6.

Unadjusted twelve-month output fell 0.7% in September, after falling 5.9% in August. In a month-on-month comparison, output fell 2.5% in September, according to workday- and seasonally-adjusted figures. In August output rose 0.7% from July.

January-September industrial output rose 3.0% from the same period a year earlier. Twelve-month exports declined 2.1% in September after a 7.2% fall in August. Adjusted twelve-month export sales volume fell 7.9% in September after a 1.4% decrease in August.

Twelve-month domestic sales dropped 3.8% in September, following a 2.1% drop in August. In a month-on-month comparison, domestic sales decreased 0.6% in September, after rising 0.5% increase in August. (MTI-Econews)