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Hungary's seasonally and calendar adjusted gross domestic product or GDP fell 0.4% sequentially in the fourth quarter after contracting 1.2% in the third quarter, a preliminary report from the statistical office showed Friday. A year ago, the economy shrank 2.3% in the fourth quarter. The economy has been contracting since the second quarter of 2008.
On an annual basis, unadjusted GDP fell 4% in the final quarter, much slower than third quarter's 7.1% decline. After adjusting for calendar effects, the economy contracted 4.1%. Both calendar and seasonally adjusted GDP dropped 5.3%.
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