Hungary: Second estimate confirms stronger growth in industrial production in August
October 15, 2018
According to revised data released by the Hungarian Central Statistical Office (KSH) on 12 October, industrial output rose a working-day adjusted 4.5% year-on-year in August. The print confirmed the preliminary estimate and came in above the 3.9% increase in July. August’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 computer, electronic and optical products; as well as of rubber and plastics products, and other non-metallic mineral 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 solid pace, while exports sales declined.
In month-on-month, seasonally- and working-day adjusted terms, industrial production jumped 3.8%, contrasting July’s 1.9% drop.
In contrast, annual average growth in industrial production inched down from July’s 4.8% to 4.7% in August.
Hungary Industrial Production Forecast
FocusEconomics Consensus Forecast panelists expect industrial production to grow 4.5% in 2019, which is unchanged from last month’s projection. For 2020, the panel expects industrial output to expand 3.9%.