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Hungary industrial output growth picks up to adjusted 2.7% yr/yr in July

Hungary's industrial output climbed a workday-adjusted 2.7% year-on-year in July, up from a 1.0% rise in June, the Central Statistics Office (KSH) said in a first reading on Wednesday.

Unadjusted output rose just 0.3% yr/yr in July after a 1.4% drop in June.

Seasonally-  and workday-adjusted month-on-month output edged up 0.8% after two months of decline, including a 0.6% drop in June.

The moderate pickup in twelve-month growth rates came after a gradual slowdown, partly reflecting base effects, from an adjusted 14.8% increase in February, to a mere 1.0% rise in June.

Except for sharp fluctuations on one-off effects at the turn of the year, month-on-month changes varied between a 1.1% rise in February and a 3.8% decline in March.

Industrial output was up 7.0% in January-July from the same period a year earlier. Hungary's industrial output rose 10.6% in 2010 after a 17.8% drop in 2009 and leveling out in 2008.

Industrial output was up 7.0% in January-July from the same period a year earlier.

KSH will publish a second reading of July output figures on September 15.