Hungary: Industrial output accelerates in December
February 7, 2012
In December, industrial production increased a working-day adjusted 6.7% over the same month the year before, according to preliminary data released by the statistical institute (KSH) on 7 February. The reading nearly doubled the 3.5% growth seen in November but still undershot market expectations of a 9.3% increase. However, compared to the previous month, industrial output plummeted 7.4% in seasonally and working-day adjusted terms. The negative print was largely ignored by the market, as it likely reflects a statistical effect similar to the one witnessed last year, when industrial output plunged 10.5% in December 2010 before skyrocketing 12.2% in January 2011. In fact, according to preliminary data, annual average growth in industrial production picked-up for the first time since March, rising from 5.2% in November to 5.3% in December.