Hungary: Industrial production picks up
June 15, 2011
In April, industrial production expanded a working day adjusted 9.7% over the same month last year. The reading came in above the revised 9.3% increase in March (previously reported: +9.2% year-on-year) and beat market expectations, which had production rising 9.3%. Growth continued to be supported by manufacturing, which accelerated a notch to a 10.2% expansion, which more than offset a decline in mining and quarrying. As was the case throughout last year, industrial export sales remain the backbone of the recovery. In April, industrial exports rose a working day adjusted 7.6%, which marked a deceleration over the 14.5% expansion tallied in March. Production for domestic use remained in negative territory for the seventh month in a row and contracted 3.4%. A month-on-month comparison corroborates the acceleration suggested by the annual figures, as industrial production expanded a seasonally and working-day adjusted 0.7% over the previous month, following a 3.6% drop in March. Meanwhile, annual average growth in industrial output remained stable at a solid 11.5%.