Actual (Nov): 4.2 % m/m, 3.5 % y/y
Consensus: 1.5 % y/y
Previous: (Oct): 3.0 % y/y
The Hungarian industrial production accelerated in November and beat expectations. The sector has showed a good growth despite the relatively high base of November 2010. Also the month-on-month growth suggests that November was strong in the Hungarian industry. According to the KSH the growth was still driven mainly by car manufacturing, with a contribution of the energy sector where output was boosted by colder weather.
Data about industrial sales are available only till October. However, they show that domestic sales decline continuously a and foreign sales growth has a negative trend. Moreover, German industrial orders dropped in November and suggest lower foreign demand for industrial goods from the CE. The Hungarian PMI has somewhat improved but still remains under 50. We thus do not expect that the Hungarian industry will sustain the growth from the last three months.