Hungary: Industrial output contracts more than expected
March 7, 2013
In January, industrial output fell a working-day adjusted 1.4% over the same month the previous year, marking the fourth consecutive contraction, according to preliminary data released by the statistical institute (KSH) on 7 March. The contraction, which exceeded the 0.8% drop expected by the market, followed the 3.4% decline recorded in December.
Compared to the previous month, however, industrial production rose a seasonally and working-day adjusted 2.9% in January, which contrasted the 1.6% decrease observed in December. Annual average industrial production remained unchanged at December's minus 1.3%.
FocusEconomics Consensus Forecast panellists see zero economic growth this year, which is unchanged from last month's projection. For next year, the panel expects growth to accelerate to 1.3%.