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KSH: INDUSTRIAL OUTPUT FALLS 30.7% IN MAY

 

Industrial output in May was 30.7% lower than a year earlier, after a 36.8% contraction in April, the Central Statistical Office (KSH) said in a second estimate. Adjusted for working day effects, industrial output dropped by an annual 27.6% in May. Output of Hungary’s automotive sector, an engine of industrial growth under normal circumstances, fell by an annual 53.3% in May, slowing from a 79.5% decline in April. The automotive sector accounted for 21% of manufacturing sector output in May. Output of the computer, electronics and optical equipment segment, which made up 13% of manufacturing sector output, dropped by 21.2% in May, close to the 20.8% decline in April. Output of food, drink and tobacco companies, which also made up 13% of manufacturing, dropped by 12% in May, declining at a faster rate than the 7.9% contraction in April. In a month-on-month comparison, industrial output rose by a seasonally- and workday-adjusted 15.6% in May.
For the period January-May, output fell by an annual 13.8%.