Budapest, November 6 (MTI) – Hungary’s industrial output grew by an annual 7.8 percent in September, the Central Statistical Office (KSH) said in a first reading of data on Friday.
The index adjusted for the number of workdays also increased by 7.8 percent.
In a month-on-month comparison, industrial output rose by 2.9 percent according to seasonally and workday-adjusted data.
In the first nine months of 2015, industrial output was up by 6.7 percent from a year earlier.
KSH official Miklos Schindele said vehicle manufacturing remained the main driver of industrial output growth in September. The month-on-month rise followed respective drops of 2.0 percent and 0.7 percent in the previous two months, he added. He said the September data were not influenced by the Volkswagen emissions scandal. Industrial output growth regained its momentum in September, analysts told MTI, commenting on the latest KSH statistics.
Gergely Suppan of Takarekbank said full-year industrial output growth could exceed 7 percent in 2015 and predicted 5.5 percent growth for 2016. He said the outlook for Hungary’s automotive suppliers remains positive, adding that industrial output growth is expected to be substantial in the coming months due to base effects. Suppan also noted the steep rise in the industrial confidence and purchasing manager index (PMI), the recovering European car market and European and domestic demand. Certain segments such as engine manufacturing or the rubber industry will see added capacities in the coming period, he added.
Andras Balatoni of ING Bank forecast 6.2 percent industrial output growth for the full year 2015.
The economy ministry welcomed the figures and said growth signalled that Hungary’s industry still had momentum. The government’s goal is for industrial output to make up 30 percent of gross domestic product by 2020, above the EU’s target of 20 percent, which Hungary has already reached, deputy state secretary Aron Lenner told public television M1.