Industrial growth picks up in May

Analysis

Growth of Hungary's industrial sector picked up in May after slowing in April, bringing the January-May growth up to 10% compared to the same period in 2005, the Central Statistics Office (KSH) said in its latest monthly report published on Wednesday.

Domestic sales were up 5.5% and exports rose 15% in January-May, the report said. The manufacturing sector continued to account for more than half of output. Construction sector output fell in May, as in April, albeit from a high base. The sector's output stagnated in January-May compared to the same period a year earlier as the result of a slowdown in home and motorway construction.
Farming sector output fell 7.4% in January-May compared to the same period in 2005. The trade sector expanded 5.4% year-on-year in May.
Both exports and imports growth speeded up in May after slowing in April. In May, exports rose 21% year-on-year and imports increased by 20%. Hungary's trade deficit of €1 billion in January-May was 10% less than in the same period a year earlier. In April, export growth slowed for most products, while import growth speeded up for most products, with the exception of energy.
Consumer prices rose 2.8% in June year-on-year, the same as in May. The five-month CPI was 2.6%.

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