In the final quarter of 2010, GDP grew 1.9% over the same period the year before. The reading was revised down a notch from the flash estimate released on 15 February but still exceeded the previous quarter's 1.7% increase. The acceleration over the previous quarter mainly reflected a slower depletion of inventories, which contributed 4.2 percentage points to overall growth. That said, apart of inventories, developments in the domestic sector were mostly negative. Total consumption contracted 1.9%, which contrasted the third quarter's 1.3% expansion, amid a decline in both public spending (Q3: +1.7% yoy; Q4: -7.6% yoy) and private consumption (Q3: +1.2% yoy; Q4: -0.8% yoy). In addition, fixed investment contracted 9.1% (Q3: +2.6% yoy). Meanwhile, the external sector continued to support growth driven by the sustained recovery in Western Europe, especially Germany, which is Hungary's most important trading partner. Exports increased 11.7% year-on-year, slightly below the third quarter's 13.9% expansion. However, import growth decelerated more markedly, from 13.0% in the third quarter to 10.3% in the fourth. As a result, the net contribution from the external sector to overall growth improved from 2.4 percentage points in the third quarter to 2.6 percentage points. A quarter-on-quarter analysis corroborates the moderate improvement suggested by the annual data as economic activity increased 0.2% over the previous quarter in seasonally and calendar adjusted terms. In the full year 2010 the economy expanded 1.2%, following on a 6.7% contraction in 2009. Currently, the Central Bank expects the economy to grow 3.1% for this year.
GDP growth revised down a notch
March 11, 2011
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Hungary Economic News
October 11, 2016
In September, consumer prices rose 0.2% from the previous month, contrasting August’s 0.4% decrease.
October 7, 2016
According to preliminary data released by the Statistical Institute (KSH) on 7 October, industrial output in August rose a working-day adjusted 3.5% from the same month last year, rebounding from July’s 0.1% decrease and marking a four-month high. On a monthly basis, industrial production increased a seasonally- and working-day adjusted 1.6% in August, which followed July’s 0.3% decrease.
September 26, 2016
The GKI economic sentiment indicator advanced slightly from August’s minus 3.9 points, which was the lowest reading in over two years, to the still-low level of minus 3.6 points in September.
Hungary: Central Bank leaves base rate at 0.90%, continues easing monetary conditions by capping main deposit facility
September 20, 2016
The Central Bank of Hungary (NBH) held all rates constant at its 20 September monetary policy meeting, but continued easing monetary policy conditions by using unconventional monetary policy instruments.
September 9, 2016
In August, consumer prices fell 0.4% over the previous month, coming in below July’s softer 0.2% decrease.