Hungary: Second estimate confirms industrial output growth picks up in May
July 12, 2018
According to revised data released by the Hungarian Central Statistical Office (KSH) on 12 July, industrial output rose a working-day adjusted 3.8% year-on-year in May. The print confirmed the preliminary estimate and came in above the 2.9% increase in April. May’s expansion came on the back of healthy growth in the manufacturing sector and a jump in production in the mining sector; on the other hand, the energy sector continued to contract. In the manufacturing sector, which makes up over 90% of the index, the strongest increases were recorded in the manufacture of rubber and plastic products, and of basic metals and fabricated metal products.
In month-on-month, seasonally- and working-day adjusted terms, industrial production soared 1.9%, following a much weaker 0.2% increase in April.
Annual average growth in industrial production, meanwhile, moderated further from April’s 4.9% to 4.8% in May.
Hungary Industrial Production 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%.