Hungary: Industrial production plummets to three-year low
January 8, 2013
In November, industrial output plummeted a working-day adjusted 6.9% over the same month the previous year, marking the largest drop in three years, according to preliminary data released by the statistical institute (KSH) on 8 January. The contraction, which exceeded market expectations of a 3.9% drop, followed the 3.8% decline recorded in October.
Compared to the previous month, industrial production fell a seasonally and working-day adjusted 0.1% in November, which was well above the 3.8% decrease observed in October. As a result of the annual deterioration, annual average growth in industrial production swung from plus 0.2% in October to minus 0.7% in November, dipping into negative territory for the first time since June 2010.