Hungary's Industrial Production

Hungary's industrial output rose by 2.2% year on year in May, according to unadjusted data and was up by 4.7% year on year, on a working days adjusted basis, according to preliminary data from the Central Statistics Office (KSH) yesterday. Following last month's 11.8% (uncorrected) and 6.5% (wd adjusted) increase this is a marked slowdown.



Output dropped by 0.7% month on month in May, according to figures adjusted seasonally and by working days, versus a 1.4% pickup in April.

This data would suggest that Hungarian export growth is slowing, and it is, since exports dropped month on month in May. How much of the slowing is to forint appreciation and how much to growth slowdowns in the eurozone also remains to be seen.