Hungary's gross domestic product (GDP) declined by 2.7 percent in the fourth quarter of 2012, compared to the same period in 2011 with economic output dropping by 1.7 percent year-on-year, official figures showed on Thursday.

According to the Central Statistical Office citing preliminary findings, economic performance was off by 0.9 percent compared to the third quarter of 2012.

Information technology, communications, catering and hotel accommodations, which account for 6 percent of GDP, were the only categories to improve over last year, while industry, which makes up 22 percent, was down as were agriculture and construction. International and retail trade also dropped.

The information, which emphasized that the Statistical Office report is preliminary, indicated that economic decline had accelerated in Q4 when compared to Q3 and Q2.

Overall, the Hungarian economy has officially been in recession since Q2 of 2012, which marked the second straight quarter in which economic performance declined.

The real value of GDP was down in every quarter of 2012 when compared to 2011. The last time GDP dropped by more than the current 2.7 percent was in Q4 of 2009, when it sank by 4.4 percent. In 2011, GDP was up by 1.6 percent.

Industry alone was down by 7.6 percent year-on-year and by 1.7 percent for the whole of 2012.

In all, 55.4 percent of all industrial sales and 70.8 percent of manufactured goods were exported albeit manufacturing exports were down by 0.3 percent year on year in December and by 10.3 percent for the whole year.

Meanwhile the January 2013 consumer price index was up by 0.8 percent compared to December and by 3.7 percent year-on-year. Core inflation amounted to 0.3 percent in January and 12-month core inflation was 3.7 percent.

December inflation year-on-year was 5.0 percent while it came to 5.7 percent for the whole of 2012. Grocery prices were up by 5.8 percent year-on-year. Communal services were up by 3.1 percent and household energy bills were an average of 2.4 percent higher.