Industrial growth decelerates in tandem with the Euro Area
HUNGARY
- In Brief
07 Aug 2018
by Istvan Racz
Industrial output fell 1.2% mom on sda basis in June. This marks a slowdown of yoy growth to 3.2%, from 3.7% in the previous month. In terms of quarterly results, output growth decelerated to 3.3% yoy in Q2, from 4.4% in Q1 and 5.9% in Q4 2017.Industrial output growth and PMI Sources: KSH, MLKBT, Markit EconomicsIt seems that Hungary's industrial output growth is slowing down together with the Euro Area. This can be seen from manufacturing PMI data, but also from Eurostat's preliminary estimate on Q2 GDP. According to the latter, Euro Area GDP growth slowed down to 2.1% yoy in Q2, from 2.5% in Q1 and 2.8% in Q4 2017.On this basis, one should expect a material slowdown in Hungary's Q2 GDP growth as well, from 4.7% in Q1 and 4.9% in Q4 2017. The KSH's first estimate on that is scheduled for August 14.
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