Hungaryʼs industrial output rose 7.6% year-on-year in October, the Central Statistical Office (KSH) said in a first reading of monthly data on Wednesday. Growth in the year to date also accelerated to 5.4% in January-October, from 5.2% in January-September.
In October 2017, the volume of industrial output rose by 7.6% year-on-year, picking up from a 5.4% increase in the previous month.
The index adjusted for working days was equal to the non-adjusted one, albeit slowing down from a 8.1% increase in September, national news agency MTI reports.
In January-October, output went up by 5.4% compared to the corresponding first ten months of last year.
The volume of industrial production in October – according to seasonally and working-day adjusted indices – was above the level of the previous month by 1.2%, after a 0.7% month-on-month decline in September.
A second estimate of figures for industrial production in October 2017 will be published by the KSH on December 13.
Questioned by state news wire MTI, analyst Péter Virovácz of ING Bank said industrial output could rise by 6% this year. Output growth could continue to accelerate as revised GDP growth data and the performance of the retail sector point towards economic growth surpassing 4% in Q4, he added.
Gergely Suppan of TakarékBank said output growth should continue to be dynamic in the coming months as more production capacity comes online and demand from Europe grows.
Dávid Németh of K&H Bank estimated that industrial growth could be around 5.5% in 2017 and 2018. Between 2018 and 2020, he noted, automotive production capacity is set to rise, pushing growth higher, although he conceded that the pace of expansion could be capped by labor shortages.