KSH: Industrial production increased by 6.2% in August
Hungary’s industrial production output saw a year-on-year rise of 6.2% in August, with the index adjusted for working days matching the non-adjusted total, Hungary’s Central Statistics Office said today.
In the first eight months of the year, output saw a y.o.y. growth of 6.6%. The volume of industrial production in August – according to seasonally- and working day-adjusted indices – was below the level of the previous month by 2%, KSH added. The fall in production in August can also be attributed to the automotive industry, as several companies shut down production that month, as they also did last year, Hungarian news agency MTI reported
KSH official Miklós Schindele said overall trends in industrial production are unchanged, with the automotive industry remaining the growth engine for the sector, responsible for more than a quarter of all output.
K&H Bank chief analyst Dávid Németh told MTI he expects industrial output to grow 7% y.o.y. He said he expects growth in the coming months to be helped by a low base. It is not yet clear how fallout from the Volkswagen emission scandal will affect industrial production, he added. Takarékbank analyst Gergely Suppan said industrial production should grow significantly following the summer season, helped by strong confidence in the sector as well as external and internal demand, MTI reported. Downside risks to industrial growth include the slowdown of the Chinese economy and the Volkswagen story, but the annual growth rate this year should still be close to 7%, he added.
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