The volume of industrial production in Hungary increased by 5.4 percent in 2019 over 2018 but slowed down in December 2019, figures released by the Hungarian Central Statistical Office (KSH) showed on Thursday.
"In December 2019, the volume of industrial production declined by 1.2 percent year-on-year," KSH said, adding that based on working-day adjusted data, production dropped by 3.7 percent.
"Production volume decreased in almost half of the manufacturing subsections," KSH said. "There was a significant fall in the manufacture of transport equipment representing the largest weight. The rate of growth slackened in the manufacture of computer, electronic and optical products. The manufacture of food products, beverages and tobacco products continued to rise."
Compared to November 2019, industrial output in December -- according to seasonally and working-day adjusted indices -- was 3.8 percent lower.
Gergely Suppan, a leading analyst at local savings bank Takarekbank, described the drop in industrial production last December as a "cold shower."
"The industry also pushed back GDP growth, which may have slowed to around four percent from the previous quarter's five percent. This year's outlook is slightly improved by the fact that German and European economic activity indicators have moved from their lows," he told MTI.
Source: Xinhua |
