Hungary: Industrial production drops to lowest level in five months
July 12, 2013
According to data released by the statistical institute (KSH) on 12 July, industrial output dropped a working-day adjusted 2.1% over the same month last year in May, marking the lowest rate in five months. The print contrasted the 2.9% rise seen in April and was mainly due to a drop in manufacturing output as well as a shaper fall in electricity, gas, steam and air conditioning.
Compared to the previous month, industrial production dropped a seasonally and working-day adjusted 1.3% in May, which contrasted the 1.2% increase seen in April. As a result of the annual fall, annual average growth in industrial production deteriorated, dropping from minus 0.7% in April to minus 1.1% in May.
FocusEconomics Consensus Forecast panellists expect industrial production to grow 1.0% this year, which is down 0.4 percentage points from last month's projection. For next year, the panel expects industrial output to expand a stronger 3.7%.