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Financial News: Hungary Industrial Output Growth At 6-Month Low; Retail

Hungary Industrial Output Growth At 6-Month Low; Retail Sales Grow Strongly

07/06/2022 - 07:30:00 (RTTNews)

(RTTNews) - Hungary's industrial production expanded at the weakest pace in six months in May, while retail sales continued to expand sharply, figures from the Hungarian Central Statistical Office showed on Wednesday.

Industrial production climbed a working-day adjusted 3.4 percent year-over-year in May, slower than the 4.7 percent rise in April.

Moreover, the latest rate of growth was the slowest since November last year, when output had increased 2.3 percent.

On an unadjusted basis, industrial production growth accelerated sharply to 9.4 percent in May from 3.1 percent in April.

The majority of the manufacturing subsections contributed to the growth in May, while the manufacture of transport equipment grew at a slower extent.

On a monthly basis, industrial production rose a seasonally and working-day adjusted 1.4 percent in May, reversing a 1.5 percent decline in the preceding month.

In a separate report, the statistical office revealed that retail sales grew a calendar adjusted 11.1 percent yearly in May, following a 15.7 percent surge in the prior month.

Sales of non-food products were 9.5 percent higher in May compared to last year and those of food, beverages and tobacco rose 3.0 percent.

The volume of mail order and internet retailing, which accounted for 8.2 percent of all retail sales and involving wide range of goods, fell by 1.4 percent yearly in May, the agency said.

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