Hungary’s industrial output grew 4 percent in July, current account deficit huge

Hungarian industrial output grew by an unadjusted annual 4 percent in July, quickening from growth of 1.5 percent in the previous month, the Central Statistical Office (KSH) said on Friday. In the meantime, Hungary’s current account posted a deficit of EUR 1.673 billion in July, more than double the 806 million deficit in June, the National Bank of Hungary (NBH) said on Wednesday.

Industrial output

Adjusted for the number of working days, July output was up 6.6 percent. Month on month, output grew by 1.1 percent, based on seasonally and working day-adjusted data. Output of the automotive industry, Hungary’s biggest manufacturing sector, increased by an annual 16.6 percent, and was up 2.9 percent from the previous month.

Output of the computer, electronics and optical equipment segment rose by 14.4 percent year on year. The food, drinks and tobacco segment rose by an annual 7.4 percent. In the January-July period, output increased by 4.9 percent from the same period a year earlier.