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Hungary's GDP Falls At Slower Pace In Q4

Hungary's economy contracted at a slower pace in the fourth quarter, the Hungarian Central Statistical Office reported Tuesday.

Gross domestic product fell by an adjusted 4.3 percent year-on-year, slower than the 4.8 percent decline posted a quarter ago.

On an unadjusted basis, GDP dropped 3.7 percent annually versus a 4.6 percent decrease in the preceding period. Moreover, this was slower than the expected fall of 6 percent.

Quarter-on-quarter, the economy expanded for the second straight time in the fourth quarter. Nonetheless, the growth eased to 1.1 percent from 11.4 percent in the third quarter.

In 2020, GDP decreased 5.1 percent from the previous year.

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