Hungary's industrial output up 7.6% in September

September's industrial output was 7.6 percent over last year's figure, the Hungarian Central Statistics Office announced Thursday.
When adjusted for working day and calendar influences, the increase was 5.2 percent year-on-year.
While details will not be available until Nov. 12, the numbers appear to show that the August decline of 5.7 percent compared to July of this year -- which still was a 2.9 percent increase year-on-year when adjusted for working day and calendar effects -- was a fluke, triggered by summer holidays in the vehicle industry.
In the first nine months of 2014, industrial output was 8.6 percent higher than in the first nine months of 2013.
Analysts queried by local wire service MTI differed in their interpretations of the growth. Some said they had expected the growth rate to be higher, and that the numbers suggested a slowdown in general industrial improvement, while others see it as getting back on track after the August drop.
Some point to the halting of sales to Russia as a factor in lower food industry growth, while others cite problems in the euro zone as a hindrance to exports. Most agree that whatever the cause, Hungarian industry should not expect to see double digit growth until the international business environment picks up.