Industrial output in Hungary rose by an annual 6.3% in April according to unadjusted data, the Central Statistical Office (KSH) said in a first reading of data on Thursday. Industrial output rose by 6.0 according to working day-adjusted data, KSH added. In a month-on-month comparison, industrial output was down 1.1%, based on seasonally and working day-adjusted data.
The pace of growth slowed in vehicle manufacturing, while output contracted in the computer, electronics and optical products segment in April, KSH said. In the food, drink and tobacco products segment, output growth exceeded the industrial average, it added. In the first four months of the year, industrial output was up 6.2% from a year earlier.
Analyst Péter Virovácz of ING Bank told MTI that the March and April industrial output data were influenced by the Easter effect but the sector’s output growth is sustainable at the level seen in the first four months of the year. Dávid Németh of K&H Bank noted that the April industrial output figure came from a high base, reflecting strong performance. The data continue to show that growth is driven by the installation of new capacities, which offset the decline in external demand, he added. Németh forecast an industrial output growth of around 5% in 2019, or slightly lower if there is a significant slowdown on international markets. Zsombor Varga of Erste Bank predicted industrial output growth to be between 5% and 5.5% for the full year.