Industrial output growth in Hungary slows to 3.4% in July

Automotive

Hungaryʼs industrial output rose 3.4% year-on-year in July, according to a first reading of data published by the Central Statistical Office (KSH) today. This represents a slowdown from the previous month, when industrial output rose 11%.

Output grew by 6.7% in the first seven months of this year compared to the same period of 2014, KSH reports.

In a month-on-month comparison, output fell 0.7%, adjusted for the number of workdays and seasonal effects, KSH said.

ING Bank chief analyst András Balatoni said growth was lower than expected, but added that it was too early to say whether the slowdown was the result of one-off factors or not.

Takarékbank analyst Gergely Suppan said the deceleration could be temporary, adding that the base effect of a model switch at Japanese carmaker Suzukiʼs plant in Hungary could support higher growth in the coming months. Takarékbank puts full-year industrial output growth a little over 7.5%, he said.

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