KSH: Industrial production down 0.2% in January
Image by Pixabay
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.
ADVERTISEMENT
Economic Development Ministry Responds to Banking Concerns
Parl't Approves Amendments to Legislation on Judiciary
Hungary Home Stock Grows as Population Declines
New MTÜ Campaign Invites Tourists to Relax at the Waterfront
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.
