Hungary: Second estimate confirms industrial output growth picks up in May
According to revised data released by the Hungarian Central Statistical Office (KSH) on 12 July, industrial output rose a working-day adjusted 3.8% year-on-year in May. The print confirmed the preliminary estimate and came in above the 2.9% increase in April. May’s expansion came on the back of healthy growth in the manufacturing sector and a jump in production in the mining sector; on the other hand, the energy sector continued to contract. In the manufacturing sector, which makes up over 90% of the index, the strongest increases were recorded in the manufacture of rubber and plastic products, and of basic metals and fabricated metal products.
In month-on-month, seasonally- and working-day adjusted terms, industrial production soared 1.9%, following a much weaker 0.2% increase in April.
Annual average growth in industrial production, meanwhile, moderated further from April’s 4.9% to 4.8% in May.