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Hungary recession likely deepened late last year, says City

Hungary's economy is likely to have remained mired in recession in the 4th quarter of 2012 and leading indicators point to an accelerating downturn, London-based emerging markets economists said on Wednesday. In its monthly Emerging Europe Chartbook report released to investors in London, Capital Economics said that while equity markets in most countries of the region are up by around 6-8% since the start of January on the back of the recent improvement in global risk appetite, "there has been little evidence to justify the optimism in Emerging Europe ... and the latest hard activity data suggest that both the Czech and Hungarian economies remained in recession in Q4 (of 2012)."