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Hungary’s industrial output increased 4.7% year-on-year in July, beating market expectations and signaling continued growth in the country’s manufacturing sector, preliminary data showed on Monday.
According to Hungary’s Central Statistical Office, industrial production rose 4.7% in July compared with the same month a year earlier on an unadjusted basis. The result came in comfortably above analysts’ forecasts for a 3.2% annual increase.
Despite exceeding expectations, July’s growth represented a slowdown from the previous month. Hungary’s industrial output had surged 10.1% year-on-year in June based on unadjusted figures.
After accounting for differences in the number of working days, industrial production also expanded 4.7% from July of the previous year. The adjusted reading suggests that the sector maintained positive momentum during the month even as the pace of headline annual growth moderated from June.
On a month-to-month basis, Hungary’s industrial output rose 1.7% in July compared with June, according to the statistics office. The increase marked a notable turnaround from the 1.3% monthly contraction recorded in June.
The latest figures offer a more positive picture of Hungary’s industrial sector following the previous month’s sequential decline. While annual growth slowed considerably on an unadjusted basis, the improvement in monthly production indicates that industrial activity regained momentum heading into the second half of the year.
For comparison, working-day-adjusted industrial production increased 4.1% year-on-year in June. That means July’s adjusted annual growth accelerated by 0.6 percentage points, despite the sharp slowdown seen in the unadjusted headline figure.
Hungary’s industrial production data are closely watched as an indicator of broader economic activity, particularly given the importance of manufacturing to the country’s economy. The stronger-than-expected July reading could provide some support to the economic outlook, although upcoming industrial and economic data will help determine whether the recovery in production can be sustained.
