September 6, 2018 / 7:01 AM / a year ago

Hungary's prelim July output growth picks up to 6.2 pct y/y, below fcast

    BUDAPEST, Sept 6 (Reuters) - Hungary's preliminary
unadjusted industrial output grew by an annual 6.2
percent in July, up from 4.2 percent year-on-year in June but
well below a 8.7 percent analyst forecast, the Central
Statistics Office (KSH) said on Tuesday.
    There was one more working day in July this year than in the
same period in 2017. Adjusted for working days output increased
by an annual 3.9 percent.
    The headline figure was dented by maintenance breaks across
industry sectors, which also pushed the month-on-month output
figure to a negative 2.0 percent. 
    Output from the car industry, Hungary's flagship industrial
sector, contracted on an annual basis, the KSH said.
    "Electronics expanded substantially, the food industry
should average growth, while vehicle manufacturing contracted
somewhat. Most manufacturing sectors displayed significant
    "The monthly decline is due to maintenance breaks at auto
makers as well as other industries. We were not surprised by the
headline reading, and the 3.9 percent adjusted figure is
completely realistic for the month of July."
 INDUSTRIAL OUTPUT     July 2018    June 2018    July 2017
 Unadjusted y/y              6.2          4.2          0.3
 Adjusted y/y                3.9          3.0          0.3
 m/m                        -2.0         -1.2         -3.2
    NOTE: Month-on-month figures are seasonally and working day
adjusted. Adjusted year-on-year data reflect the number of
working days.

 (Reporting by Marton Dunai)
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