Year-on-year, output went up by 5.1% in the first eight months of this year.
The volume of industrial production in August – according to seasonally and working-day adjusted indices – was above the level of the previous month by 5.5%.
A second estimate of industrial output data for August 2017 will be published by the KSH this Thursday, October 12.
Commenting on the data to state news wire MTI, analyst Péter Virovácz of ING Bank said August industrial output growth came as a positive surprise after disappointing data in the previous two months. He said he expected the expansion to continue, predicting annual output growth of around 6% in 2017.
Gergely Suppan of TakarékBank said the latest data confirmed that the July slowdown in industrial output growth was due to scheduled shutdowns at certain automotive companies. He said the expansion should continue in the coming months, supported by German business confidence and industrial orders. Suppan predicted annual output growth of 5% this year and above 6% in 2018, when further automotive capacities are put into operation.
Gergely Ürmössy of Erste Bank forecast industrial output growth of 4-5% this year.
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