Hungary Industry June 2018


Hungary: Second estimate confirms industrial output growth moderated in June

August 13, 2018

According to revised data released by the Hungarian Central Statistical Office (KSH) on 13 August, industrial output rose a working-day adjusted 3.1% year-on-year in June. The print confirmed the preliminary estimate and came in below the 3.8% increase in May. June’s expansion came on the back of healthy growth in the manufacturing sector and a jump in production in the mining sector; the energy sector, however, continued to contract notably. In the manufacturing sector, which makes up over 90% of the index, the strongest increases were recorded in the manufacturing of computer, electronic and optical products; and of rubber and plastics products, and other non-metallic mineral products. In terms of sources of demand, domestic sales rose at a much stronger pace than export sales.

In month-on-month, seasonally- and working-day adjusted terms, industrial production dropped 1.2%, contrasting a 1.8% increase in May.

Annual average growth in industrial production, meanwhile, moderated further from May’s 4.7% to 4.5% in June.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 5.5% in 2018, which is down 0.3 percentage points from last month’s projection. For 2019, the panel expects industrial output to expand 4.5%.

Author: Massimo Bassetti, Senior Economist

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Hungary Industry Chart

Hungary Industry June 2018 0

Note: Year-on-year changes and annual average variation of industrial production index in %.
Source: Hungarian Central Statistics Office and FocusEconomics calculations.

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