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Industrial output up 6.2% in July

Automotive

In July 2018, the volume of industrial output grew 6.2% year-on-year, according to a first estimate of monthly data from the Central Statistical Office (KSH) released Thursday. Based on working day-adjusted data, production rose 3.9%.

Industrial output in July – according to seasonally and working day-adjusted indices – was 2.0% below the level of the previous month.

In the first seven months of this year, production was 3.9% higher compared to the corresponding period of 2017.

ING Bank chief analyst Péter Virovácz told state news wire MTI that the headline figure, adjusted for working days, was well under the 8% market consensus and could augur worse-than-expected third-quarter GDP growth. Shutdowns at automotive manufacturers are the likely culprit behind the weak industrial growth, he added.

TakarékBank analyst Gergely Suppan also said automotive industry shutdowns were probably to blame for the slowdown of growth in the sector. He put full-year industrial output growth at 4.8%, down from 5.3% in 2017.

A second, more detailed estimate of industrial output figures for July 2018 will be published by the KSH on September 12.

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