Robust industry and poor retail sales must be good for the BOP

HUNGARY - In Brief 07 Feb 2023 by Istvan Racz
Another key piece of statistics after yesterday's poor retail sales number has been the release of the preliminary December industrial output data, with positive growth of 3.8% mom, 5.5% yoy on seasonally and calendar-adjusted basis. Note: Volume data, December 2015 = 100; Source: KSH At this stage, no breakdown has been made available. KSH only said that car manufacturing and electric engineering (batteries) expanded significantly, whereas the output by most other manufacturing sectors shrank. Without reading too much into this single-month data, we have good feelings about the BOP, seeing a pretty robust showing of the heavily export-driven domestic industry and a much weaker turnover in retail sales, both in the last month of 2022. 

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