Output of Hungary's industrial sector edged down 0.4% year-on-year in May, a first reading of data released by the Central Statistical Office (KSH), and reviewed by MTI, on Monday shows.
Output rose 5.4% when adjusted for the number of workdays.
Output fell in most branches of manufacturing, KSH said. Among the biggest, output in the automotive and the computer, electronic and optical products segments increased, while it declined in the electrical equipment and the food, drinks and tobacco segments.
In a month-on-month comparison, output increased a seasonally- and workday-adjusted 2.3%.
In January-May, industrial output was up 0.7%.
KSH will release detailed data for the month on July 14.
Commenting on the data, Erste Bank senior analyst Orsolya Nyeste said the May figures confirm that the improving trend that began in the sector early this year may be a lasting one, and, despite the uncertainties caused by the war and the European economic situation, industry could have been a positive contributor to economic growth in the second quarter as well.
ING Bank senior analyst Péter Virovácz said the monthly 2.3% increase in industrial output was a positive surprise. He said new export capacities could have a significant and lasting impact on the sector's outlook, but the latest data do not yet mean that the recovery had become broad-based. Full-year industrial output growth could be around 4% this year, he added.
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