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Hungary industrial output climbs 6.1% in October

Automotive

Output of Hungaryʼs industrial sector rose 6.1% year-on-year in October, state news wire MTI reports, citing a first reading of data by the Central Statistical Office (KSH).

Adjusted for the number of workdays, industrial output was up 6.4%.

Output growth of the automotive segment, which has the biggest weight in the industrial sector, "significantly slowed", as did growth in the computer, electronics and optical equipment segment. Output growth of the food, drinks and tobacco products segment was above headline growth, KSH said.

For the period January-October, industrial output rose 6.3% year-on-year.

In a month-on-month comparison, industrial output was down a seasonally- and workday-adjusted 0.4% in October.

KSH will publish a detailed reading of the October data on December 12.

K&H chief analyst Dávid Németh said the scale of growth in the sector was a surprise considering dampening demand on foreign markets and the weak performance of industry across Europe.

ING Bank senior analyst Péter Virovácz said the output of the sector remains strong in spite of more discouraging data from Germany. New manufacturing capacity could maintain the pace of growth in the coming months, bringing full-year growth to around 6.5%, he added.

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