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Industrial production slows in July

Automotive

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Hungaryʼs industrial output rose by just 0.2% year-on-year in July, the Central Statistical Office (KSH) said in a first reading of data on Wednesday. The non-adjusted growth figure slowed from 4.0% in the previous month, and 8.8% in May.

In July 2017, the volume of industrial output rose by 0.2% year-on-year. The index adjusted for working days was equal to the non-adjusted figure.

The volume of industrial production in July – according to seasonally and working day-adjusted indices – was below the level of the previous month by 4.2%.

Year-on-year, output went up by 4.8% in the first seven months of this year.

A second estimate of July industrial output data is due to be released by the KSH on September 13.

Cited by state news wire MTI, Erste Bank chief analyst Gergely Ürmössy said the July increase was well under expectations of a rise of around 7%. The slowdown may have been caused by scheduled summer shutdowns in the automotive industry, he added.

TakarékBank analyst Gergely Suppan also suggested that shutdowns at local automotive plants may have taken place in July, rather than August. If this is the case, output could pick up markedly in August, he added.

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