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Hungary’s unadjusted May output rises by 9.4% y/y, above forecast -stats
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BUDAPEST (Reuters) – Hungary’s industrial output rose by an annual 9.4% in May, picking up from 3.1% in April based on preliminary unadjusted data and coming in above analyst forecasts for a 2.8% increase, the Central Statistics Office (KSH) said on Wednesday.
BUDAPEST (Reuters) – Hungary’s industrial output rose by an annual 9.4% in May, picking up from 3.1% in April based on preliminary unadjusted data and coming in above analyst forecasts for a 2.8% increase, the Central Statistics Office (KSH) said on Wednesday.
Adjusted for the effect of working days, output increased by 3.4% year-on-year. The difference between the two annual figures was due to the fact that there were 2 more working days in May 2022 than a year before.
In monthly terms, output increased by 1.4%, the KSH said.
It said most of the segments of manufacturing contributed to the increase, and car sector output also rose in annual terms.
The manufacturing of computers, electronics, optical goods and the segment of food, beverages and tobacco products both expanded above the average. In the first five months, output increased by 5.9%.
INDUSTRIAL OUTPUT CHANGE, % May Apr 2022 May2021
2022
Unadjusted y/y 9.4 3.1 38.9
Adjusted y/y 3.4 4.7 40.1
m/m 1.4 -1.5 2.9
(Reporting by Krisztina Than)
Industrial output refers to the total production of goods and services by the industrial sector of an economy, which includes manufacturing, mining, and utilities.
Adjusted output accounts for factors like seasonal variations or working days, providing a more accurate measure of production performance compared to unadjusted figures.
Economic growth is the increase in the production of goods and services in an economy over a period, typically measured by GDP growth.
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