Hungary industrial output in April up 58.8 pc yr/yr – UPDATE

Hungarian unadjusted industrial output grew by an annual 58.8 percent in April from a low base, according to a first reading of Central Statistical Office (KSH) data released on Tuesday.

Working day-adjusted output increased by 59.2 percent.

KSH said

output of the automotive segment “jumped” in April, while growth in computer, electronics and optical equipment as well as food, drink and tobacco production was below average.

Month on month, output shrank by 3.2 percent based on seasonally and working day-adjusted data.

UPDATE

Commenting on the data, the innovation and technology ministry said the government’s action plan to relaunch the economy was at the root of the improvement in the industrial output figures. Measures to create jobs and boost investments will make it easier for companies to gain momentum after the crisis, state secretary for economic strategy László György said in a statement.

György noted that after the global economic crisis in 2008, the Hungarian economy needed 8 years to get back to pre-crisis levels. This time, it would be back on track within a year, he said.