Daily News Hungary economy

Hungarian industrial output rose by an annual 0.2 percent in July, slowing from 4 percent in the previous month, the Central Statistical Office (KSH) said in the first reading of data on Wednesday.

July output rose at the same pace when adjusted for the number of working days.

Output fell by 4.2 percent month on month, based on seasonally and working day-adjusted data.

For the period January-July, industrial output was up an annual 4.8 percent.

Erste Bank analyst Gergely Urmossy said the July increase was well below expectations for a rise of around 7 percent. The slowdown may have been caused by scheduled summer shutdowns in the automotive industry, he added.

Takarékbank analyst Gergely Suppán suggested that shutdowns at local automotive industry plants may have taken place in July rather than August. If this is the case, output could pick up markedly in August, he added.

Source: MTI

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