Hungary’s industrial output growth slows to 3.4pc in November

Industrial output in Hungary rose 3.4 percent year-on-year in November, the Central Statistical Office (KSH) said in a first reading of data on Monday.

The growth rate slowed from 7.6 percent in October.

November output rose at the same pace when adjusted for the number of work days during the period.

In a month-on-month comparison, output dropped by 2.1 percent, adjusted for work days and seasonal effects.

Unadjusted output was up by an annual 5.2 percent in January-November.

ING Bank chief analyst Péter Virovácz said the November data disappointed, but added that full-year output would still be over 5 percent.

Takarékbank analyst Gergely Suppán said the slowdown could be temporary, noting that gauges of confidence in the sector, both in Hungary and its European export markets, are at highs not seen in years.

KSH will publish a detailed reading of the November industrial output data on January 11.

Source: MTI