Hungary Industrial Output Growth Improves; Retail Sales Rise At Slower Rate

hungary-industrial-output-growth-improves;-retail-sales-rise-at-slower-rate

Hungary’s retail sales growth accelerated for the third straight month in August, while retail sales rose at a slower pace, figures from the Hungarian Central Statistical Office showed on Thursday.

Industrial production climbed a working-day adjusted 9.3 percent year-over-year in August, following a 6.6 percent increase in July.

Further, the latest rate of growth was the fastest since the current sequence of growth began in November last year.

On an unadjusted basis, industrial production growth accelerated sharply to 14.4 percent in August from 4.0 percent in July.

The majority of the manufacturing subsections contributed to the production growth in August.

The manufacture of transport equipment increased surpassingly compared to the low base, while the manufacture of computer, electronic and optical products as well as the manufacture of food products, beverages and tobacco products rose significantly, the agency said.

On a monthly basis, industrial production edged up a seasonally and working-day adjusted 0.1 percent in August versus a 1.1 percent rise in the preceding month.

In a separate report, the statistical office revealed that retail sales grew a calendar adjusted 8.4 percent yearly in August, well above the 2.4 percent gain a month ago.

Sales of non-food products were 0.5 percent higher in August compared to last year and those of food, beverages and tobacco dropped 2.4 percent.

The volume of mail order and internet retailing, which accounted for 7.5 percent of all retail sales and involved a wide range of goods, fell by 3.1 percent yearly in August, the agency said.

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