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Hungary's Recession Deepens In Q3

11/15/2012 3:15 AM ET

The Hungarian economy contracted for the third successive time in the third quarter, and the rate of fall exceeded economists' forecast, preliminary data released by the Hungarian Statistical Office showed Thursday.

The gross domestic product, on an unadjusted basis, decreased 1.5 percent on an annual basis in the third quarter, as it did in the second quarter. The figure for the second quarter was revised up from 1.3 percent contraction. Economists had forecast the economy to shrink 1.3 percent in the third quarter.

Stagnation was recorded in about half of the industries of the national economy. Increases in the sectors of information and communication; accommodation and food service activities, and construction were significantly offset by decline in agriculture, the agency said.

Sequentially, GDP decreased a seasonally and working-day adjusted 0.2 percent in the third quarter, after falling a revised 0.4 percent in the previous quarter.

Hungary's central bank last month lowered its policy interest rate for the third time in a row to support economic growth. The country's inflation eased to 6 percent in October from 6.6 percent in September.

by RTT Staff Writer

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