Hungary's Q3 GDP up 4.5% yr/yr
Tuesday, November 29, 2005, 10:01
Hungary's GDP rose by 4.5% year-on-year in volume terms in the third quarter this year according to both unadjusted and calendar adjusted figures, the Central Statistics Office (KSH) announced.
In January-September 2005, GDP rose by an unadjusted 4.1% year-on-year and rose by 4.4% according to calendar-adjusted figures. The figures are calculated under a new methodology reflecting Eurostat's recent methodological modifications on the accounting of financial services, KSH said.
The third-quarter growth is slightly below analysts' prediction for 4.55% year-on-year GDP growth of 4.55% in a poll by the business daily Napi Gazdaság and is also under a 4.6% forecast by KSH's research institute Ecostat.
Compared to Q2 2005, Hungary's GDP rose 1.1% in Q3 according to seasonally adjusted figures, KSH reported. Gross value added in the goods producing sectors rose 5.6% year-on-year and rose 4.2% in services, KSH added. The revised new-methodology data show that calendar-adjusted GDP grew at the same 4.5% year-on-year rate in Q2 and Q3 after growing by 4% year-on-year in Q1.
Calendar-adjusted 2004 GDP growth was revised upwards to 4.5% from 4.1% to reflect new methodology which raised unadjusted 2004 GDP growth to 4.6% from 4.2%. GDP increased 4% year-on-year in Q1 2005 (up from an earlier estimate of 3.6%) and GDP increased 4.55 in Q2 (up from a preliminary 4.1%) according to revised calendar-adjusted figures reflecting the new methodology. The new methodology raises GDP growth by some 0.4 percentage points, Ecostat said earlier.