Budapest (MTI) – The output of Hungary’s industrial sector increased by an annual 1.7 percent in October according to both workday-adjusted and unadjusted figures, after rising by 7.6 percent in September, the Central Statistical Office (KSH) said in a first reading on this week.
In a monthly comparison, industrial output fell by 2.6 percent from September.
In January-October, industrial output rose by 7.8 percent from a year earlier.
Miklos Schindele, head of department at KSH, said industrial output growth slowed down substantially in vehicle manufacturing from August, and growth in other manufacturing industry segments, primarily food industry, chemical industry and metal processing, could have slowed as well.
Raiffeisen senior analyst Zoltan Torok told MTI that the unexpectedly low figure was due to the low performance of the German industry. Annual industry output could come in at 7-7.5 percent, he added.
Erste Bank senior analyst Gergely Urmossy said that this month’s “stumble” was due to lower output in the automotive sector.