Hungary: Industrial output drops the most in more than two years
May 3, 2012
In February, industrial production decreased a working-day adjusted 3.4% over the same month last year, according to revised data released by the statistical institute (KSH) on 13 April. The print was unchanged from preliminary figures published on 6 April, thus confirming that industrial output recorded its sharpest decline since November 2009. Moreover, the reading came in below market expectations, which had industrial output falling 1.1%. The contraction mainly reflected a decline in the manufacturing sector, which deteriorated further over the previous month. The deterioration, however, was offset by improvements in mining and quarrying as well as in electricity, gas, steam and air conditioning supply. Compared to the previous month, industrial output added 0.8% in seasonally and working-day adjusted terms, which was below the 2.2% rise seen in January. Annual average growth in working-day adjusted industrial production continued to moderate, falling from 4.2% in January to 2.7% in February.