BUDAPEST: Hungary’s industrial output grew by an annual 11.6% in March, the Central Statistical Office (KSH) said. The working day adjusted index shows output growth of 9% from a year earlier. In a month-on-month comparison, industrial output rose by 2.6% in March. Output growth was driven by vehicle manufacturing, the electronics sector and food industry, KSH statistician Ildikó Mikó said. In the first quarter, Hungary’s industrial output rose by 8%, year-onyear, KSH said.
Analysts Vivien Barczel and Gergely Ürmössy of Erste Bank said that the March industrial output increase was well above expectations, adding that output growth could continue in the coming months. Gergely Suppan of Takarékbank said March industrial output growth was outstanding, adding that KSH also upwardly revised the data for the previous two months considerably.
Minister of state for economic regulation Béla Glattfelder said in response to KSH’s report that that the pace of the industrial sector’s expansion was expected to remain steady in Hungary, as major manufacturing sector companies have recently implemented several development projects, and the outlook for the car industry – pivotal for the Hungarian industrial sector – is especially positive. He pointed out that the Hungarian government aims to increase the industrial output-to-GDP ratio from the current 23 percent to 30 percent by 2020