Budapest, December 6 (MTI) – Hungarian industrial output fell by an annual 2.1 percent in October, slowing from a 3.7 percent decline in the previous month, the Central Statistical Office said in a first reading of data on Tuesday.

The October fall was the same when adjusted for the number of work days during the period.

Takarekbank analyst Gergely Suppán said the fresh data go counter to PMI, which was high in October. Growth could pick up in the coming months before slowing in December as carmaker Audi scales back output at its plant in Hungary to prepare for the switchover to a new model, he added. Suppan put full-year output growth at 1.5-2 percent but said the rate could accelerate to 5 percent next year.

ING Bank chief analyst Péter Virovácz said industrial growth has been below analysts’ expectations for the second month in a row. A weaker industrial performance by Germany as well as tight domestic capacity may be behind the disappointing data, he added.

Source: MTI