Industrial production increases 5.5%; evidence of turnaround?
In September 2013, Hungary’s gross industrial output rose 5.5% compared to the same month of 2012, according to preliminary data released today by the Central Statistics Office (KSH).
The index adjusted by working days grew by 3.1% year-on-year. In the first nine months output remained at the level of the same period of the previous year. The volume of industrial production in September – according to seasonally and working-day adjusted indices – was up month-on-month to 1.8%.
According to national news service MTI, ING Bank chief analyst András Balatoni said the data show Hungary’s industrial sector is on the cusp of a turnaround, evidenced by improved sentiment as well; Balatoni cited recent reportage of the Purchasing Managers Index (PMI) as over the 50% threshold and growing order stock. He put full-year industrial output growth at 1.5%.
Gergely Suppan of Takarebank attributed the increase to added automotive industry capacity in speaking with MTI. Expansions at the local units of Audi and Daimler could lift industrial output 2% to 2.5% in coming months, he added.
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