Financial News: Hungary Industrial Output Shrinks As Estimated In August

Hungary Industrial Output Shrinks As Estimated In August

(RTTNews) - Hungary's industrial production decreased at the steepest pace in six months as initially estimated in August, the latest data from the Hungarian Central Statistical Office showed on Tuesday.

The volume of industrial production fell an unadjusted 7.3 percent annually in August, much faster than the 1.0 percent fall a month ago. That was in line with the flash data published on October 7.

Moreover, this was the steepest decline since February, when production contracted 8.0 percent.

Among sectors, manufacturing output, which represents 95 percent of total production, shrank 7.4 percent compared to last year. Mining and quarrying production declined 9.2 percent, and an 8.9 percent contraction was seen in the energy industry.

On a working-day-adjusted basis, industrial production fell 4.6 percent, as estimated.

On a monthly basis, industrial production declined 2.3 percent in August, reversing a 1.9 percent recovery in the previous month.

Separate official data showed that construction output plunged an adjusted 13.6 percent annually and by 11.1 percent monthly in August. Among the main groups, the construction of buildings lessened by 2.3 percent from last year, and that of civil engineering fell by 34.8 percent.

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