Hungary: Industrial output maintains the pace
December 7, 2011
In October, industrial production increased a working-day adjusted 3.0% over the same month last year, according to preliminary data released by the Central Statistics Office (KSH). The figure mirrored the year-on-year print observed in the previous month and overshot market expectations that had industrial output rising only 1.8%. Compared to the previous month, industrial production contracted a seasonally and working-day adjusted 0.9% in October. The contraction reflects in part an unfavorable base effect, as industrial output grew a strong 3.9% in September (previously reported: +3.0% month-on-month). However, the trend continues to point downwards, with annual average growth in industrial output falling from 6.6% in September to 6.1% in October.