Hungary’s industrial output drops 0.5% in December
The volume of Hungary’s industrial output was down by 0.5% in December, compared to the same month a year earlier; however, production rose by 1.9% adjusted for working days, a first estimate of data issued by the Central Statistical Office (KSH) shows.
The volume of industrial production in December – according to seasonally and working day-adjusted indices – was above the level of the previous month by 0.5%, the KSH said.
In 2016, the volume of output increased by 0.9% year-on-year, the KSH added.
Takarékbank analyst Gergely Suppan told Hungarian news agency MTI that last yearʼs industrial output was weak. The performance of the vehicle manufacturing segment was especially poor, though the switchover to next-generation models could explain some of the downturn, he added. This year, the launch of new capacity, combined with the low base, could lift industrial output to 3.5-4%, he said.
ING Bank chief analyst Péter Virovácz told the news agency that the performance of Hungaryʼs industrial sector this year would largely depend on how other segments can counter the drop in production at Audiʼs local plant. The number of shifts at the plant has been cut from three to two as it makes the changeover to a new model, the news agency noted.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.