Hungary Industry


Industrial production picks up in November

In November, industrial output rose a working-day adjusted 3.5% over the same month last year, which came in above the 3.0% expansion observed in October and represented the strongest reading in three months. The acceleration was mainly driven by the mining and quarrying sector, which surged from a 10.8% increase in October to a 30.6% rise in November. Electricity, gas, steam and air conditioning supply also stepped up markedly, albeit remaining negative in November, while manufacturing output moderated to a 3.4% increase (October: +3.9% year-on-year). Meanwhile, industrial exports remained the only source of growth and rose a working-day adjusted 4.5%, whereas sales in the domestic market contracted for the fourteenth month in a row, dropping 1.4%. A month-on-month comparison corroborates the improvement suggested by the annual figures, as industrial production expanded a seasonally and working-day adjusted 4.2% over the previous month, which contrasted the 0.8% contraction recorded in October, thereby recording the strongest print since January 2011. The trend continues to point downwards, however, with annual average growth in industrial output falling from 6.1% in October to 5.2% in November


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