Industrial output up 6.2% in July
In July 2018, the volume of industrial output grew 6.2% year-on-year, according to a first estimate of monthly data from the Central Statistical Office (KSH) released Thursday. Based on working day-adjusted data, production rose 3.9%.
Industrial output in July – according to seasonally and working day-adjusted indices – was 2.0% below the level of the previous month.
In the first seven months of this year, production was 3.9% higher compared to the corresponding period of 2017.
ING Bank chief analyst Péter Virovácz told state news wire MTI that the headline figure, adjusted for working days, was well under the 8% market consensus and could augur worse-than-expected third-quarter GDP growth. Shutdowns at automotive manufacturers are the likely culprit behind the weak industrial growth, he added.
TakarékBank analyst Gergely Suppan also said automotive industry shutdowns were probably to blame for the slowdown of growth in the sector. He put full-year industrial output growth at 4.8%, down from 5.3% in 2017.
A second, more detailed estimate of industrial output figures for July 2018 will be published by the KSH on September 12.
Hungary Gasoline Prices 3% Over Regional Avg
Hungary to Address Future of Cohesion Policy During EU Presi...
120,000 Guest Workers Employed in Hungary
Budapest Airport Wins 'Best Airport in Eastern Europe' for 1...
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.
