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Hungary industrial output drops 0.5% in January

Hungary's industrial output was down 0.5% yr/yr in January according to unadjusted figures and sank 2.7% according to workday-adjusted figures, the Central Statistics Office (KSH) said in a first reading on Wednesday.

Output rose 2.1% m/m according to seasonally and workday-adjusted figures. It was the 7th monthly growth in the last 13 months. In December, it dropped a sharp 7.3% after rising 3.5% in November. 

Previously, in December last year, industrial output rose % 2.1 yr/yr unadjusted and 6.9% workday-adjusted after growing 3.5% and 3.3% respectively in November as export growth slowed and domestic sales dropped more than a month earlier. 

After last June, January yr/yr drop was the second within the last 13 months.

Industrial output rose 5.4% last year, around half the pace of 10.6% in 2010, after a 17.8% contraction in 2009. Total sales grew 1,5% last year after a plus of 6.6% in 2010 and a drop of 15.7% in 2009.

KSH will publish a second reading of January figures on March 14.