Industrial output barely grows in May

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Hungaryʼs industrial output rose 0.4% year-on-year in May, the Central Statistical Office (KSH) said in a first reading of data on Friday. Output growth could accelerate further this year, analysts say.

Adjusted for the number of working days – of which there was one more in the base period – output climbed 3.8%. In the previous month, output rose by 7.8% according to unadjusted data, and by 2.9% according to adjusted data. In a month-on-month comparison, output in May was up a seasonally and working day-adjusted 1.9%.

For the period January-May, output rose 3.1% year-on-year. Miklós Paczari, a KSH department head, said the relatively low output growth came from a high base. KSH will publish a second reading of the data on July 12.

Analysts interviewed by state wire service MTI said industrial output growth could become stronger again in the coming months on the installation of new production capacities and the favorable outlook.

Péter Virovácz of ING Bank noted that the month-on-month output growth has seen the strongest increase this year. András Horváth of TakarékBank said working day-adjusted industrial output growth could accelerate to 6.5% this year, from 5.6% in 2017, and unadjusted growth to 6%, from 4.8% in 2017.

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