Hungary: Industrial production drops in May
July 5, 2013
In May, industrial output contracted a working-day adjusted 2.1% over the same month last year, according to preliminary data released by the statistical institute (KSH) on 5 July. The reading marks the sharpest decline in five months and contrasts the 2.9% rise recorded in April, which had represented the first expansion in six months.
Compared to the previous month, industrial production dropped a seasonally and working-day adjusted 1.3% in May, which contrasted the 1.2% rise observed in April.
Building on the weak annual result, the trend is pointing downwards, with annual average growth in industrial production stepping down 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%.