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Hungary industrial output growth accelerates in August

Hungary's industrial output rose an unadjusted 17.6% and a workday-adjusted 14.9% in the twelve months to August, the Central Statistics Office (KSH) said on Wednesday.

Both figures were way better than market expectations. Danske Bank analysts penciled in a 16.1% unadjusted growth, and analysts asked by Dow Jones even predicted that yr/yr workday-adjusted increase would slow further to 10.9%.

Output rose a seasonally- and workday-adjusted 2.2% from July.

Danske Bank now predicts an 11.0% unadjusted growth on average for the whole of this year and 6.1% next.

In July, yr/yr output growth slowed to an unadjusted 9.0% from 15.2% in June, and to a workday-adjusted 11.5% from 12.6% in June, while output dropped a seasonally- and workday-adjusted 1.1% m/m after an increase of 0.8% in June.

January-August output was up 10.0% from a year earlier.

Overall, industrial output declined 17.7% last year, after it was flat in 2008. The last growth year was 2007 with an annual increase of 7.9%.

Workday-adjusted output increased yr/yr each month this year after an uninterrupted yr/yr decline from October 2008 through December 2009. Unadjusted output started to rise yr/yr one month earlier than adjusted output did, already in December 2009.

M/m figures showed improvement almost each month this year except February and July.

KSH will publish a second reading of the August figures, including data on export and domestic sales on October 14. (MTI-ECONEWS)