Decreasing Hungarian GDP in the first quarter

The gross domestic product (GDP) in the first quarter of 2009 was 6.7 percent lower than a year earlier, with the screening of calendar effect it was 6.1 percent lower – stated Central Statistical Office.

The economic performance decreased by 2.5 percent, compared to the previous quarter. According to the rapid estimation of Eurostat, the European Union's economy decreased by 4.5 percent in the first quarter of 2009. Since the fourth quarter of last year, in the majority of EU Member States the recession continued to deepen. The added value of  the commodity producing sectors (agriculture, industry and construction) decreased by 14.6 percent. In particular, the performance of agriculture, decreased by 9.8 percent, industry by 17.6 percent and services decreased by 3.2 percent. The household final consumption decreased by 5.9 percent in the first quarter of 2009. The sharp decline in in the national foreign trade turnover has been continued. Export decreased by 18.6 percent while import decreased by 22.0 percent.