KSH said Hungary’s industrial output rose 1.1% year-on-year in February, according to unadjusted figures, but fell 3.4%, according to workday-adjusted data. New export orders fell 7.2% from the same month a year earlier, but new domestic orders were up 57.1% due to a single large order, KSH added.


Gergely Suppan of Takarékbank said a fall in new export orders could be the result of the base effect. He added that export orders were expected to pick up in the coming months, in line with data from Germany, Hungary biggest trading partner.


The start of production at Daimler’s plant in Kecskemét at the end of March could have the biggest effect on headline output, he said.


Suppan said he expected industrial output growth to climb to 6-8% by year-end and average almost 5% for the full year.


Zoltán Török of Raiffeisen Bank said industrial output growth would slow or stagnate until April, when base effects and the start of production at the Daimler plant in Kecskemét would lift output, albeit not over 5%. He put industrial output growth for the full year at 2-3%.