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March industrial output growth slows to 9.2%

Hungary's industrial output growth slowed to 9.2% according to both unadjusted and workday-adjusted figures in the twelve months to March, the Central Statistics Office (KSH) said in a first reading on Friday.

In the first three months of this year, industrial output was up 12.2% yr/yr.

March output was down a seasonally- and workday-adjusted 3.6% from February. The decline followed a 1.1% monthly increase in February. Apart from a one-off-effect 13.2% drop in December compensated by a 15.1% rise in January, the monthly drop was the biggest in more than a year.


"Most of the sharp monthly decline was due to a slowdown in the output of communication equipment production," said KSH statistician Miklós Schindele, Dow Jones reported. However, the lower output was recorded across all production sectors, and for goods manufactured for both the domestic and exports markets, the statistician said. He noted, however, that it is difficult to draw conclusions from a single month, and output increased strongly in the first quarter.


"Ever since the economic recovery has started, the monthly changes have been quite volatile, which is hard to explain," Dow Jones cited Schindele as saying.


Twelve-month growth slowed from double-digit figures in the previous two months and from 2010 output growth of 10.5%. Hungary's industrial output declined 17.8% in 2009 and was flat in 2008.

KSH will publish a second reading of March output figures as well as domestic and export sales figures on May 13.