Hungarys economy shrinks 1.5% y/y in Q3 flash estimate.

By bne IntelliNews November 16, 2012
Hungarys economy shrank by 1.5% y/y on an unadjusted basis in the third quarter of 2012, following the same rate of decline in the previous quarter, according to a flash estimate by the statistics office. On a seasonally-adjusted basis, the Q3 gross domestic product (GDP) narrowed 1.6% y/y and fell 0.2% q/q, compared to a seasonally-adjusted 1.4% annual decline and a 0.4% quarterly fall in Q2. The decrease was significantly affected by the decline of agriculture, which was hurt by drought, the statistics office said. It added that about half of the industries of the national economy stagnated, while the sectors of information and communication technologies (ICT), accommodation and food service activities, and construction recorded growth. Hungarys economic downturn in Q3 was worse than analysts had expected. The countrys economy was hurt by the ongoing turbulence in the eurozone and by drought, which affected negatively the agricultural sector during the summer. Bank analysts following Hungary revised down their estimates for the countrys full-year economic performance from a decline of about 1% to 1.2% to a decline of 1.2% to 1.5% due to the worse than expected Q3 data. The countrys economy is expected to rebound next year, as most economists forecast it to post a small growth of 0.2% to 0.5%, but there are also projections for a further contraction of up to 0.5%.
GDP, constant prices Q4 2011, y/y change Q1 2012, y/y change Q2 2012, y/y change Q3 2012, y/y change Q1-Q3, y/y change Q4 2011, q/q change Q1 2012, q/q change Q2 2012, q/q change Q3 2012, q/q change
unadjusted data 1.3% -0.7% -1.5% -1.5% -1.3% -- -- -- --
seasonally and calendar effects adjudted data 1.2% -1.3% -1.4% -1.6% -1.4% 0.1% -1.1% -0.4% -0.2%

Hungarys economy shrinks 1.5% y/y in Q3 flash estimate.

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