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Analysts disappointed by sluggish output figures

Automotive

Today's figures on output of Hungary's industrial sector disappointed analysts according to MTI. While output increased 1.7% year-on-year in October, it dropped as compared to the previous month, the Central Statistics Office (KSH) said in a first reading today.

Industrial output rose 7.6% year-on-year in September. In a month-on-month comparison, industrial output fell a seasonally- and workday-adjusted 2.6% in October. In January-October, industrial output rose 7.8% from a year earlier

Miklós Schindele, head of department at KSH said industrial output growth slowed down substantially in vehicle manufacturing from August, and growth in other manufacturing industry segments – primarily food industry, chemical industry and metal processing – could have slowed as well.

October industrial output growth fell substantially behind expectations, the analysts interviewed by MTI said.

Zoltán Török, senior analyst at Raiffeisen Bank, said the slowdown was in line with the weaker performance of Germany's industrial sector. He added that industrial output growth could slow to 7-7.5% this year.

Gergely Ürmössy, chief analyst at Erste Bank, said the data had disappointed again in October. He blamed the slowdown on the automotive sector, adding that more plants would scale back output in November and December, too.

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