Hungary: Economy remains mired in recession in Q3
November 15, 2012
In the third quarter, GDP contracted 1.5% over the same period last year, according to preliminary data released by the Central Statistics Office (KSH) on 15 November, exceeding market expectations of a softer 1.3% contraction. The figure matched the revised 1.5% contraction recorded in the second quarter (previously reported: -1.3% year-on-year) and represents the third consecutive drop in output. Compared to the preceding quarter, GDP decreased a seasonally adjusted 0.2%, which marked an improvement over the 0.4% drop recorded in the Q2 but signifies that the Hungarian economy remains mired in recession. Detailed data will be published on 7 December.