Hungary: Industrial output slows in March on the back of soft manufacturing
According to preliminary data released by the Hungarian Central Statistical Office (KSH) on 14 May, industrial output rose a working-day adjusted 1.9% year-on-year in March, coming in well below the 4.1% increase recorded in February.
March’s softer output was driven by moderations in the manufacturing and mining sectors. The manufacturing sub-index, which makes up 95% of the weight of the overall year-on-year figure, softened to 1.1% growth in March (February: +3.7% year-on-year) on weaker manufacturing of vehicles. Production in the mining sector also eased in March, moderating from 69.8% in February to a still elevated 56.1%. Output of electricity, gas, steam and air conditioning picked up in March, however, to 6.4% growth (February: +2.9% yoy), mainly due to colder weather.
In month-on-month seasonally- and working-day adjusted terms, industrial production fell 0.7% in March, contrasting the revised 0.6% increase recorded in February (previously reported: +0.5% month-on-month).
Annual average growth in industrial production moderated from 5.7% in February to 5.0% in March.