Industrial Production Growth Slows in August

Hungary’s industrial output growth slowed to 2.7% in August from a year earlier, according to data adjusted for calendar effects published by the Central Statistical Office. Under unadjusted data, the rate of expansion was 0.3%. The figure reflects the impact of the economic slowdown in the European Union, Hungary’s main trade partner. In July, the annual rate of industrial production growth was an adjusted 8.7%, showing the fastest expansion since March 2017. Industrial output declined 1.2% in August from a month earlier. Production growth in vehicle manufacturing, the engine of industrial output and a key sector for the country’s economy, declined considerably from a record 34.6% in July, according to preliminary data released today. Output in the first 8 months of the year rose 5.6% from a year earlier, exceeding the 2018 figure of 3.5% recorded in the same period. The Statistical Office will publish the details of the August industrial output on October 14.