Hungary: Industrial production recovers in January
March 8, 2011
In January, industrial output expanded a working-day adjusted 10.9% over the same month last year, according to preliminary figures released by the Central Statistics Office (KSH) on 8 March. The figure represented a sharp improvement compared to December's weak 5.9% year-on-year expansion (previously reported: +6.0% yoy) and surprised the market on the upside, as analysts had expected industrial production to grow 7.6%. A month-on-month analysis corroborates the improvement suggested by the annual figures, as industrial output grew 15.5% in seasonally adjusted terms over the previous month. The figure represented a significant rebound following on December's slump (-13.3% mom). Moreover, owing to the strong monthly figure, the trend continues to improve, rising from 10.0% in December to 10.5% in January.