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Production bounces back, rises 7.6% in September

Automotive

Coming off a disappointing dip in August, industrial production bounced back in September with a healthy 7.6% year-on-year increase, the Central Statistics Office (KSH) reported today. According to workday-adjusted figures output rose 5.2% year-on-year.

In a month-on-month comparison, industrial output rose a seasonally- and workday-adjusted 2.7%. Ildikó Mikó of KSH said the increase is primarily due to the automotive sector and to a smaller extent the food industry.

Although the detailed figures will only be released later, analyst Gergely Gabler of Erste told news agency MTI that industrial production for domestic sales probably performed more weakly in September while output for exports could have returned to the high level of the months preceding August.

Zoltán Reczey of Buda-Cash Brokerház attributed the August fall in output to Audi's temporary shutdown, adding that the effects of the Russian embargo could also be felt in the food sector, MTI said. He added that vehicle production is likely to have recovered in September.

Dávid Németh of K&H told MTI that the September data clearly shows that the August slowdown in industrial output was a one-off change due to the summer shutdown of the Audi plant and the more moderate output of the Suzuki factory.

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