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Hungary industrial output down on the month, up yr/yr in October

Hungary’s industrial output rose 3.0% year-on-year in October according to both unadjusted and workday-adjusted figures but was down a seasonally- and workday-adjusted 0.9% from September, the Central Statistics Office (KSH) said in a first reading on Wednesday.

The pace of twelve-month output growth was unchanged from September, although the same increase came from a lower base. The monthly drop came after a sharp 3.9% monthly increase.

Output growth slowed from May from above- or near-10% yr/yr rates in the first four months, and even was down 0.4% yr/yr in August before accelerating again. The fluctuations mainly reflected base effects.

Industrial output was up 5.8% in January-October from the same period a year earlier.

Hungary’s industrial output rose 10.6% in 2010 after a 17.8% contraction in 2009.

KSH will publish a second reading of October output figures on December 15.