Hungary: Second estimate confirms stronger growth in industrial production in October
According to revised data released by the Hungarian Central Statistical Office (KSH) on 12 December, industrial output rose a working-day adjusted 3.3% year-on-year in October. The print confirmed the preliminary estimate and came in above the 2.2% increase in September. October’s acceleration was due to stronger growth in the manufacturing sector, which makes up over 90% of the index, which more than offset a downturn in energy production and a marked deceleration in the growth of the mining and quarrying sector—which has significantly less influence on industrial output than the manufacturing sector, but which nevertheless surged over 50% in the month.
In terms of sub-sectors, solid growth was recorded in the manufacture of transport equipment, which represents more than one-quarter of manufacturing output; moreover, the manufacture of computer, electronic and optical products, as well as of rubber and plastics products recorded notable expansions. On the other hand, the manufacture of textiles, wearing apparel, leather and related products contracted in the month. Meanwhile, in terms of sources of demand, domestic sales rose again at a strong pace, and exports rebounded significantly.
In month-on-month, seasonally- and working-day adjusted terms, industrial production jumped 2.0%, rebounding from September’s 2.1% contraction.
Lastly, annual average growth in industrial production fell from September’s 4.3% to 3.9% in October, the weakest result in over a year.