Hungary’s industrial output falls 30.7 pc in May

Industrial output in May was 30.7 percent lower than a year earlier, after a 36.8 percent contraction in April, the Central Statistical Office (KSH) said on Tuesday in a second estimate.

Adjusted for working day effects, industrial output dropped by an annual 27.6 percent in May.

Output of Hungary’s automotive sector, an engine of industrial growth under normal circumstances, fell by 53.3 an annual percent in May,

slowing from a 79.5 percent decline in April. The automotive sector accounted for 21 percent of manufacturing sector output in May.

Output of the computer, electronics and optical equipment segment, which made up 13 percent of manufacturing sector output, dropped by 21.2 percent in May, close to the 20.8 percent decline in April.

Output of food, drink and tobacco companies, which also made up 13 percent of manufacturing, dropped by 12. percent in May,

declining at a faster rate than the 7.9 percent contraction in April.

In a month-on-month comparison, industrial output rose a seasonally- and workday-adjusted 15.6 percent in May.

For the period January-May, output fell by an annual 13.8 percent.

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Source: MTI