Hungary: Second estimate confirms industrial output growth picked up pace in July
September 12, 2018
According to revised data released by the Hungarian Central Statistical Office (KSH) on 12 September, industrial output rose a working-day adjusted 3.9% year-on-year in July. The print confirmed the preliminary estimate and came in above the 3.0% increase in June. July’s expansion came on the back of healthy growth in the manufacturing sector, which makes up over 90% of the index, with strongest increases recorded in the manufacturing of rubber and plastics products, and other non-metallic mineral products; as well as of computer, electronic and optical products. There was also a jump in production in the mining and quarrying sector, although it has significantly less influence on industrial output than the manufacturing sector. The energy sector, however, continued to contract. Meanwhile, in terms of sources of demand, domestic sales rose again at a much stronger pace than export sales.
In month-on-month, seasonally- and working-day adjusted terms, industrial production dropped 2.0%, following a softer 1.2% drop in June.
In contrast, annual average growth in industrial production rose from June’s 4.5% to 4.8% in July.
Hungary GDP Forecast
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%.
