Hungary's GDP stayed unchanged in the second quarter compared to the first quarter of 2010, according to seasonally- and calendar year-adjusted figures, the Central Statistics Office (KSH) said, confirming preliminary figures in a second reading published on Wednesday.
GDP grew an unadjusted 1.0pc and a workday-adjusted 0.8pc from Q2 2009, again the same as the preliminary figures published on August 13. Year-on-year growth picked up from an unadjusted 0.1pc and an adjusted 0.2pc in Q1. According to the above two measures, Hungary's GDP started to rise yr/yr in the first quarter. GDP contracted for five consecutive quarters up to the fourth quarter of last 2009 according to each calculation.
Zoltan Arokszallasi of Erste Bank and Gergely Suppan of Takarekbank both commented that exports generated Hungary's second-quarter GDP growth, noting that domestic demand has not increased. The analysts do not expect a significant surge in domestic demand. They both warned that global growth-risks have increased, which jeopardizes Hungary's future GDP growth as well.
Gergely Suppan remarked that industrial and shipping output underpinned Hungary's second-quarter GDP growth, while construction- and agricultural-sector output were, as expected, poor during the period. Suppan noted that the third-quarter GDP base will be low as a result of the dampening effect of austerity measures on economic growth in Q3 of last year.
Source: http://www.depthai.go.th