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KSH: Hungary’s industrial output climbs 5.8% in February

Automotive

Hungaryʼs industrial output saw an increase of 5.8% year-on-year in February, however, it decreased by a month-on-month 0.3%, the Central Statistics Office (KSH) said today.

According to Hungarian news agency MTI, similar to the previous month, output growth was driven by vehicle manufacturing, which expanded at an even faster pace than in January, KSH statistician Miklós Schindele said. In crude oil refining, however, there was a significant slowdown as stocks accumulated earlier were reduced during the month, he added.

TakarékBank analyst Gergely Suppan told MTI that industrial output in the first months of the year may have been lifted by the launch of production of a new model at Japanese carmaker Suzukiʼs plant in Hungary, while output could rise on base effects in the second half of the year, he added. He put full-year growth at 7%, down from 7.6% in 2014.

K&H Bank chief analyst David Németh projected full-year output growth of 5.7% and said the pace of growth could be supported by an improvement in European economies, according to MTI.

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