Hungary’s industrial output up 1.5 pc in August

Industrial output in Hungary rose by an annual 1.5 percent in August, the Central Statistical Office (KSH) said in the first reading of data on Friday.

Adjusted for the number of workdays, output climbed by 4.5 percent.

In a month-on-month comparison, output rose by 3.8 percent, adjusted for seasonal and workday effects, at the highest monthly rate in one year.

Output grew dynamically in electronics but in the automotive sector it fell at a pace similar to July.

For the period January-August, output rose by an annual 3.6 percent.

Commenting on the data, Gyula Pomázi, deputy state secretary of the innovation and technology ministry, told public television that the outstanding output in August was driven by the automotive industry, the food industry, the production of medical equipment and suppliers of chemical and rubber industries. Pomázi forecast relatively stable growth for the rest of the year.

Péter Virovácz, senior ING Bank analyst, said that output growth in August compensated for the weak performance in the previous two months.

The automotive sector held back overall performance, Audi’s output was reduced as the launch of electric engine manufacturing was unable to offset the effect of missing permits for the VW group, he said.