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Hungary’s Q2 GDP contraction narrows to 7.5%

Hungary's second-quarter GDP fell an unadjusted 7.5% from the same period a year earlier, the Central Statistical Office (KSH) said, revising a preliminary 7.6% drop slightly down in a second reading.

Second-quarter GDP dropped 7.4% according to calendar-adjusted figures. The decline is smaller than the calendar-adjusted 7.5% in the first reading published on August 13.

In a quarter-on-quarter comparison, Hungary's seasonally- and calendar-adjusted GDP dropped 2.0%, KSH said, less than the 2.1% fall shown by preliminary figures.

In a year-on-year comparison, Hungary's economy started contracting in Q4 2008. In a quarter-on-quarter comparison, the economy contracted for the fifth quarter in a row. (MTI – Econews)