Budapest, January 8 (MTI) – Hungarian industrial output grew by an annual 9.5 percent in November, based on preliminary data, after a confirmed annual 10.1 percent rise in October, the Central Statistical Office (KSH) said on Friday.
Seasonally and working-day-adjusted industrial output fell by 1.4 percent compared with the previous month, the KSH said.
The working-day-adjusted index rose by 7 percent year on year.
Production in the first 11 months of the year was 7.3 percent higher than the same period last year.
Commenting on the data, the economy ministry said its projection for industrial output for Hungary in 2015 is between 7 and 8 percent, after 7.7 percent reported in the previous year.
The figures indicate that Hungary’s industry is showing sustained and stable growth, the ministry’s deputy state secretary told public news channel M1. The main engine of growth continues to be car manufacturing, said Mark Aron Lenner.
Analysts expect that the final working-day-adjusted annual industrial output figure could be above 7 percent for 2015.
Commenting on the KSH report, Gergely Suppan of Takarekbank told MTI that high growth in industrial output corresponds with a high level of confidence in the sector, noting that annual output was expected to be at 7.3 percent last year, up from 5.5 percent in 2014.
Vivien Barczel and Gergely Urmossy, of Erste Bank, said they expected the final figure to be above 7 percent in 2015. But their forecast for this year is lower, at between 4 and 5 percent.