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Hungary Q1 Economic Contraction Worse Than Expected

5/15/2012 3:41 AM ET

Hungary's economy shrunk more-than-expected in the first quarter of the year, data released by the Central Statistical Office showed Tuesday.

Gross domestic product fell an unadjusted 0.7 percent year-on-year, after rising 1.4 percent in each of the previous two quarters. Economists had expected a 0.1 percent decline. It was the first GDP contraction in at least two years, according to the data released by the statistical office.

Stagnation was recorded in about half of the industries of the national economy, the agency said. The performance of information and communication industry increased, while that of construction declined significantly, it added.

After adjusting for calendar effects, the decline in GDP was 1.3 percent, following a 1.5 percent growth in the previous quarter. On a seasonally-and calendar-adjusted basis, GDP declined 1.5 percent annually, after a 1.2 percent gain in the previous quarter.

The Hungarian economy shrunk a seasonally-and calendar-adjusted 1.3 percent quarter-on-quarter in the first three months of the year, following a 0.1 percent contraction in the previous quarter.

by RTT Staff Writer

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