Hungary: Industrial production registers fastest expansion in over two years in July
September 12, 2019
Industrial production rose a working-day-adjusted 8.7% year-on-year in July, which marked an acceleration from June’s 4.1% upturn and the fastest expansion since March 2017, according to the second estimate released by the Hungarian Central Statistical Office. July’s reading was mainly bolstered by a jump in the manufacture of transport equipment. Meanwhile, the manufacture of computer, electronic and optical products, as well as of food products, beverages and tobacco products also grew at a solid pace. Overall, the manufacturing sector makes up over nine-tenths of the index.
In seasonally- and working-day-adjusted terms, industrial output rose 1.7% month-on-month in July, rebounding from the 1.8% contraction in June. Lastly, annual average growth in industrial production climbed from 4.9% in June to 5.3% in July.
Author: Hanna Andersson, Economist