Taking account for possible margins of error, economic growth in Q3 is estimated between 4.4–4.8%, while seasonally adjusted GDP was up 1.1% compared to the previous quarter. Official preliminary data will be published by the KSH on November 29, with a more detailed reading to follow on December 9.
Ecostat said the estimate is based on the new GDP calculation methodology set by Eurostat, the EU's statistical office, and adopted by Hungary's Central Statistical Office (KSH) in October. According to the change, the indirectly measured service fees of financial intermediaries will be calculated differently, and will be divided between the industries of use.
As a result of the change in methodology, Ecostat has revised upwards the 2003 GDP growth rate from 2.9% to 3.4%, and the 2004 rate from 4.2% to 4.6%. In Q1 2005, the economy expanded by 3.3% according to revised data, and by 4.5% in Q2.
"The economy continued to grow at a dynamic rate in the third quarter, due primarily to the good performance of industry, construction and material services," Ecostat said.
