KSH: Industrial production down 0.2% in January

Automotive

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The volume of industrial output dropped 0.2% in January year-on-year with the volume of industrial production, adjusted for seasonally and working-day indices, being 0.1% below December’s levels, according to a first estimate of crude data published by Hungary’s Central Statistical Office (KSH) today.

The slowdown in industrial output in January was attributed to lengthier shutdowns throughout the holiday season that extended well into January at some of the larger automotive manufacturers resulting in a dramatic slowdown of production among local suppliers, Hungarian news agency MTI cited KSH official Miklós Schindele.

The drop in industrial output is likely only temporary, according to analysts, and should resume in February, MTI reported.

Takarékbank analyst Gergely Suppan anticipates growth for the full-yearʼs industrial output to reach 5.5%, a drop of 2% from last year, according to MTI. Gergely Ürmössy of Erste Bank said he expects industrial output to stabilize in the next few months, reaching an output growth of 4-5% for 2016.

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