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Jan industrial output data disappoints

Automotive

Fresh industrial output data for January disappointed, analysts told MTI on Wednesday.

Hungary's industrial output fell an unadjusted 0.5% in January from the same month a year earlier and was down 2.7% adjusted for work days, the Central Statistics Office (KSH) said in the morning.

TakarékBank's Gergely Suppan said the drop was unexpected but explained that it may have been the result of a shortage of parts for automotive industry companies resulting from flooding in Thailand. He added that mild weather may have weighed on energy output in January, and extreme cold in February could have the opposite effect.

He put industrial output up 5% for the full year in 2012, supported by the start of production at German carmaker Daimler's new plant in Kecskemét and a mild improvement on Hungary's biggest export markets.

Zoltán Árokszállási of Erste Bank also said he had expected an increase in industrial output in January. He added that long-term consequences could not be extrapolated from the data until KSH publishes a second reading that include a breakdown for the automotive industry.

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