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Stats Office: Hungary’s Industrial Output Up By Annual 11,1% In August

Hungary’s industrial output rose by an annual 11.1% in August, the Central Statistical Office (KSH) said in a preliminary release. The jump in August was preceded by two months of falling output in July and June. Adjusted for the number of working days—there were three more in the base period—output rose by 3.5% in August, KSH noted. In January-August, output grew by an annual 2.3%.

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István Lepsényi, state secretary at the economy ministry, told public television M1 that it was clear, based on the latest industrial output data, that the economy was picking up and it would continue to do so in the remaining months of the year. Analysts told MTI that they expected industrial output to continue strengthening in the remaining part of the year. Gergely Suppan of Takarékbank said both relatively high industrial confidence indices and the significantly rising purchasing manager index suggest that industrial output growth should continue in the coming months, approaching 3% for the full year in 2016 and 5% in 2017. Péter Virovácz of ING Bank forecast 4% output growth in 2016. Gergely Ürmössy of Erste Bank predicted average industrial output growth of 2-3% this year.

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Meanwhile Hungary’s trade surplus came to 601 million euros in August, KSH reported publishing the first reading of data. The trade surplus grew by 157 million euros from the same period a year earlier. Exports rose by an annual 12.5% to 7.240 billion euros in August. Imports were up by 10.8% at 6.638 billion euros. Fully 79% of exports went to other European Union member states and 77% of imports came from the EU. In January-August, the trade surplus reached 6.646 billion euros, up by 1.056 billion euros from the same period a year earlier. Exports rose by 3.0% to 60.942 billion euros and imports were up by 1.4% to 54.296 billion euros.

via hungarymatters.hu and ksh.hu; graphs: ksh.hu