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Industrial output growth slows to 3.4% in November

Automotive

In November 2017, the volume of industrial output rose by 3.4% year-on-year, according to a first estimate of monthly data from the Central Statistical Office (KSH). The index adjusted for working days was equal to the non-adjusted one.

The growth rate slowed from 7.6% in October.

The volume of industrial production in November – according to seasonally and working day-adjusted indices – was below the level of the previous month by 2.1%.

Year-on-year, unadjusted output grew by 5.2% in the first 11 months of this year, the KSH data shows.

Speaking to state news wire MTI, ING Bank chief analyst Péter Virovácz said the November data had disappointed, but predicted that full-year output would still be over 5%.

TakarékBank analyst Gergely Suppan said the slowdown could be temporary, noting that gauges of confidence in the sector, both in Hungary and its European export markets, are at highs not seen in years.

A second, more detailed estimate of industrial output figures for November 2017 is due to be published by the KSH this Thursday, January 11.

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