Hungary’s unadjusted May output rises by 9.4% y/y, above forecast -stats

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)