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Hungary revises Q3 economic growth higher to 3.8%

Hungary revised its annual economic growth rate higher to 3.8 percent in the Q3, boosted by the processing industry and financial activities.

Hungary's gross domestic product in the third quarter totaled Ft 6.11 trillion ($32 billion), compared with Ft 5.66 trillion in the same period last year, the Budapest-based statistics office said in an e-mailed statement today. That compares with 3.8% in the Q2. Hungary's economy, the third largest among the 10 new European Union countries, relies on exports from the local units of foreign companies such as Suzuki Motor Corp. and domestic manufacturers including drugmaker Gedeon Richter Nyrt. to drive growth. The country sells about 80 percent of its products to the EU, including two-thirds to Germany. “The export of products and services continued to grow dynamically, while domestic consumption dropped slightly,” the statistics office said in its statement. Hungary revised growth from an earlier estimate of was 3.6%. (Bloomberg)