Recession in Hungary moderated in the first quarter of 2013 with both agriculture and construction sectors putting up solid performances over the same period last year, final report from the Hungarian Central Statistical Office showed Thursday, confirming the preliminary findings.
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. According to data adjusted for calendar and seasonal effects, GDP fell 0.3 percent year-on-year.
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.
In the first quarter, the output of Hungary's agriculture sector increased 12.3 percent compared to last year. The construction sector grew 4.2 percent.
The gross value added by industry, however, declined 3.2 percent, of which manufacturing decreased 2.5 percent.
Considering the expenditure side of GDP, the final consumption of households declined 1.2 percent during the period. Gross fixed capital formation was down 5.6 percent.
Hungary slipped into recession in the second quarter of 2012. The central bank in April slashed its interest rate for a ninth consecutive time to a record low of 4.75 percent to support economic activity.
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