Industrial production slows in July
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.