Hungary: Industrial production rises in September
November 8, 2011
Industrial production increased in September a working-day adjusted 3.0% over the same month last year, which contrasted the 0.4% contraction recorded in August. The print marked the fastest pace since April and overshot market expectations that had industrial output rising only 0.1%. The improvement was mainly driven by the manufacturing sector, which swung from a 1.3% contraction in August to a 3.5% increase in September. In addition, mining and quarrying maintained the pace and expanded a strong 16.3% (August: +15.4% year-on-year). That said, industrial exports remained the backbone of the manufacturing sector by expanding a working-day adjusted 4.1%. In contrast, sales in the domestic market contracted for the twelfth consecutive month, dropping 7.1%. A month-on-month comparison corroborates the pick-up suggested by the annual figures, as industrial output increased a seasonally and working-day adjusted 3.9% over the previous month, which marked the fastest pace since January and contrasted the 1.2% contraction recorded in August. The trend continues to point downwards, with annual average growth in industrial output falling from 7.4% in August to 6.6% in September.