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March industrial output increase revised upward to 13.4pc

March industrial output increase revised upward to 13.4pc

Budapest, May 12 (MTI) – Hungary’s industrial output rose by an annual 13.4 percent in March, the Central Statistical Office (KSH) said in the second reading of data on Friday.

The increase was revised upward from 12.8 percent in the first reading.

KSH attributed the revision to the correction of a single big data provider’s error.

Adjusted for the number of working days during the period, output was up 10 percent.

The increases accelerated from an unadjusted 2.7 percent and an adjusted 7.1 percent in February.

In a month-on-month comparison, output grew by 0.7 percent, adjusted for both seasonal effects and the number of working days.

Industrial output has been growing steadily for the last six months, outpacing the other Visegrad states, the deputy state secretary of the economy ministry, Gyula Pomázi told public television on Friday. Pomázi cited the vehicle industry export, which grew by 13.3 percent, as an example of the dynamics in strategic sectors. Other areas with similar upswing include the pharmaceutical industry and the machinery industry. Progress is now palpable in all regions and trickled down to SMEs, and is expected to continue, he said.

Analysts told MTI growth is likely to continue throughout the year. Dávid Németh of K and H expected 7.8 percent output growth in the first three months to contribute 1.5 percentage points to GDP in the first quarter. Gergely Urmossy of Erste said that based on the industrial output figures, the Purchasing Managers Index and improving economic environment in the euro zone, the rate of GDP growth would speed up compared with 2016.

Source: MTI

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