2010: It's All About Net Exports

According to latest data from the Central Statistical Office, a fundamental demand-driven macroeconomic recovery in Hungary has yet to gain hold, with real GDP contracting 0.4% quarter-on-quarter through the last three months of 2009. In year-on-year terms, real GDP fell 4.0% in Q4, compared to declines of 7.1% and 7.5% in Q3 and Q2 respectively. This brought the full-year growth figure for 2009 to -6.3%, only slightly below our estimate of -6.4%.

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