Hungary's recession eased in the first quarter of 2013, buoyed by improved performance of agriculture and construction sectors, preliminary data from the Hungarian Central Statistical Office showed Wednesday.
The unadjusted gross domestic product decreased 0.9 percent year-on-year in the first quarter of 2013 following a 2.7 percent fall in the fourth quarter of 2012. Economists had forecast a 1.4 percent drop.
According to data adjusted for calendar effects, GDP fell 0.3 percent year-on-year. The seasonally and calendar adjusted data also showed similar contraction in output. The economy slipped into recession in the second quarter of 2012.
The statistical office said that the GDP contraction was largely led by a deterioration in industrial sector performance.
Meanwhile, seasonally and calendar adjusted GDP increased 0.7 percent on a quarterly basis in the first quarter of this year. This followed a 0.4 percent fall in the final three months of 2012.
The central bank slashed its interest rate for a ninth consecutive time to a record low of 4.75 percent last month to support economic activity.
Separately, a final report from the statistical office showed that the volume of industrial production declined 2.9 percent year-on-year in March. This followed a 5.3 percent fall in February.
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