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INDUSTRIAL OUTPUT UP 2.2% YR/YR IN SEPT

 

Hungarian industrial output was up an annual 2.2% in September, based on a first reading of unadjusted data, the Central Statistical Office (KSH) said. Adjusted for the number of working days, annual industrial output fell by 1% in September. It increased by 2.3% from the previous month. In Jan-Sept, output dropped by an annual 9.2%. Takarékbank analyst Gergely Suppan said Hungary’s industry had recovered from the pandemic crisis by September and may continue to stabilise in the coming months. He said he expects full-year industrial output to contract by around 6.5-7% this year, forecasting output growth of up to 13-14% in 2021 due to the low base. Péter Virovácz of ING Bank said he expected the industrial sector to continue to put in a positive performance in the fourth quarter, considering the expanding stock of orders, but he noted risks related to the disruptions to global supply chains caused by pandemic-related measures.