Industrial Output Falls 7.3% in August

Output of Hungary's industrial sector fell 7.3% year-on-year in August, a first reading of data released by the Central Statistical Office (KSH) on Tuesday shows.

Output was also down 4.6% when adjusted for the number of workdays.

Output fell in all but one of the branches of manufacturing. Output was significantly down in the automotive sector, but was up in the computer, electronics and optical equipment, KSH said.

In a month-on-month comparison, output slipped a seasonally- and workday-adjusted 2.3%.

For the period January-August, output dropped 3.9% year-on-year.

KSH will release detailed data on output of industrial sector branches for the month on October 14.

In a comment on the data, the National Economy Ministry highlighted government’s programmes of factory building, financial support to SMEs and a 3% fixed-rate credit available to businesses to help companies.

The government's goal remains to preserve the financial stability of SMEs, support their investments, and this way increase their productivity and competitiveness, it added.