Hungary’s Ecostat Economic Analyses Institute published growth figures based on the calculation methodology used by Eurostat, the EU’s statistics office, for the first time. The new methodology allows for publishing figures about 15 days earlier than in the former methodology, however, Ecostat warns its figures might be 0.2 percentage point off the final numbers.

Regardless of the methodology, the Hungarian economy seems to be on a slowing path, following the trend of the EU’s economy. In the first quarter of 2005, countries in the euro zone produced 1.4% economic growth, down from the 2.2% growth rate in the same period a year earlier. Average GDP growth rate in the 25 EU member states was 1.7%, down from 2.5% in Q1 2004.

The Hungarian government expects 4% GDP growth in 2005, while Ecostat forecast 3.9%.