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Hungary's Q3 GDP growth revised up to adjusted 3.9%

Hungary's economy increased a calendar-year-adjusted 3.9% in volume terms in the Q3 of 2006 from the same period a year earlier, the Central Statistics Office (KSH) announced on Friday.

The figure is up from first estimate of 3.7% reported on November 14. Q3 unadjusted GDP growth was also revised up to 3.8% year on year from a preliminary 3.6%. Q3 GDP was up 1.0% from the Q2 according to seasonally-adjusted figures, unchanged from preliminary.

In Q1-Q3 GDP growth was 4.2%, KSH reported. GDP growth was 4.9% in Q1 and 3.8% in Q2 2006, 4.8% in Q4 2005, 4.3% in Q3 and 4.6% in Q2 2005. GDP growth was 4.2% for all of 2005. Calendar year-adjusted GDP growth was 4.7% in Q1 and 4.0% in Q2 2006, 4.5% in Q2 2005 and 4.2% in Q3 2005, and 4.4% during the whole of 2005. Added value in the manufacturing sector rose 9.5% year on year in the Q3, services registered 3.8% growth and output from the farm sector fell 7.0% compared to Q3 2005.

Q3 GDP was driven by the rise in net exports on the consumption side, with 15.4% increase in exports of goods and services and 8.8% rise in imports. Fixed capital accumulation, however, was 4.1% down from the Q3 last year. Household consumption rose just 0.8% and public consumption fell 5.5% year on year. (Mti-Eco)