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Hungary yr/yr GDP confirmed, quarterly drop revised slightly lower in Q1

Hungary's GDP fell 0.7% yr/yr in Q1 2012 according to unadjusted figures and was down a seasonally and calendar-adjusted 1.2% from the fourth quarter last year, the Central Statistics Office (KSH) said in a second reading on Friday.

The unadjusted yr/yr was the same and the quarter-on-quarter drop was revised down from 1.3% in a first reading released on May 15.

Q1 GDP fell 1.2% from a year earlier according to workday-adjusted figures, slightly less than the preliminary 1.3% decline.

In a quarterly comparison, GDP showed now growth now for the fourth quarter in a row, with a 0.2% drop in Q2 2011, and no change both in Q3 and Q4 last year, the fresh revisions show.

The Q1 yr/yr contraction followed an unadjusted 1.4% and a workday-adjusted 1.5% increase in Q4 last year.

Q1 saw the first yr/yr GDP contraction since Q4 2009, which ended five quarters of decline.