Bloomberg News

Hungary Industry Grew Faster in October Than Economists Forecast

December 07, 2011

Dec. 7 (Bloomberg) -- Hungary’s industrial production expanded faster than economists forecast in October, helping the economy recover from the worst recession in 18 years.

Output increased a workday-adjusted 3 percent from a year earlier, the same pace as the previous month, the statistics office in Budapest said in a preliminary report today. The median estimate of 12 economists surveyed by Bloomberg was for a rise of 2.3 percent. Output declined 0.9 percent from September.

Exports to the euro region fueled Hungary’s recovery from its worst recession since 1991 as factories such as Audi AG and Nokia Oyj boosted production. The government may cut its growth forecast for 2012 from the current 1.5 percent as the debt crisis in Europe saps export demand.

“Compared with the beginning of the year, the pace of industrial output growth is on a steady decline and the slowdown in exports is at the root of this,” statistician Miklos Schindele told reporters. In October, all export segments registered slower growth, he said.

--Editors: Balazs Penz, Paul Abelsky

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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