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Hungary’s GDP grows 0.6% in 2008

Hungary's gross domestic product (GDP) grew 0.6% at constant prices in 2008, the Central Statistical Office (KSH) said.

Hungary's GDP was HUF 26,543 billion in 2008, at current prices, KSH said.

The absolute figure was HUF 77 billion less than the earlier reported figure, but the relative figure was the same as the earlier estimate.

Per capita GDP was HUF 2,644,000, or €15,742 at purchasing power parity, about 63% of the average in the EU-27.

At the same time as KSH reviewed the 2008 GDP data, it published revised national account data back to 1995, using the same methodology to make the data comparable, said department head Peter Szabo. Earlier, comparable data was available only back to 2000. As the result of the revisions, GDP at current prices has been modified upwards by HUF 141 billion- HUF 364 billion per year for the 1995-1999 period and either upward or downward by HUF 5 billion-108 billion from 2000. In relative terms, the changes resulted in revisions up to 0.4 percentage point. GDP growth in 2004 was raised by 0.2 percentage point to 4.9%, while growth in 2005 was lowered by 0.4 percentage point to 3.5%. The rate in 2006 was unchanged at 4.0%, but the 2007 rate was lowered by 0.2 percentage points to 1.0%. (MTI – Econews)