Josef hírek

2012.11.17. 22:23

Hungary economic output in 3rd quarter shrinks 1.5 pc

Budapest, November 15 (MTI) - Hungary s economic output shrank by an annual 1.5 percent in unadjusted terms in the third quarter of 2012, preliminary data of the Central Statistical Office (KSH) showed on Thursday.

Budapest, November 15 (MTI) - Hungary s economic output shrank by an annual 1.5 percent in unadjusted terms in the third quarter of 2012, preliminary data of the Central Statistical Office (KSH) showed on Thursday.

Economic output in the third quarter fell by 0.2 percent on the quarter, according to seasonally and calendar year adjusted data.

 

Gross domestic product fell for the third quarter in a row in a quarterly comparison, suggesting that a recession which started in the first quarter of the year persisted.

 

The figures were worse than the expectations of analysts polled by the financial daily Napi Gazdasag, who had forecast an annual drop of 0.9 percent and a quarterly rise of 0.2 percent.

 

The drop came after a 1.6 percent growth in 2011.

 

Hungary s economy is likely to contract 1.2-1.4 percent in the full year, analysts told MTI on Thursday.

 

Erste Bank s Zoltan Arokszallasi said the year-on-year drop was well over the expected contraction of about 1 percent, but mainly due to the farm sector, hit by drought, and weak September trade data. He forecast output shrinking by 1.3-1.4 percent in the full year compared with an earlier projected 1.0 percent.

 

Gergely Suppan of TakarekBank blamed the third-quarter contraction entirely on the drought. He projected a full-year decline of 1.2-1.3 percent.

 

The analysts said Hungary s economy could grow 0.2-0.4pc in 2013.

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