Hungary: Growth in industrial production quickens in January
March 19, 2018
According to revised data released by the Statistical Institute (KSH) on 19 March, industrial output rose a working-day adjusted 6.7% year-on-year in January, accelerating from the 5.0% increase recorded in December and confirming the flash release.
The expansion was driven by higher manufacturing and mining output, which more than offset a contraction in energy production. Looking at the subcomponents of manufacturing, which constitute 95% of the industrial production index, manufacturing of transport equipment; computer, electronic, and optical products; and food products, beverages and tobacco products increased the most.
In month-on-month seasonally- and working-day adjusted terms, industrial production edged up from a revised 1.1% increase in December (previously reported: +1.2% month-on-month) to 1.5% in January.
Lastly, annual average growth in industrial production jumped from 5.6% in December to 6.0% in January, the best reading since February 2016.
Hungary Industrial Production Forecast
FocusEconomics Consensus Forecast panelists expect industrial production to grow 5.5% in 2018, which is down 0.3 percentage points from last month’s projection. For 2019, the panel expects industrial output to expand 4.5%.