Hungary's industrial output down 7.6% y/y in Dec 2012.

By bne IntelliNews February 8, 2013
Hungary's industrial output declined for the fourth consecutive month in December 2012 falling by 7.6% y/y, preliminary data from the statistics office showed. In workday-adjusted terms production was down by 3.4% y/y, which was slower than the 7.1% y/y drop in the previous month. Seasonally-adjusted output edged down by 2.5% m/m in December after a 0.4% m/m drop in November 2012. In accumulated terms, industrial production contracted by 1.7% y/y in 2012. Detailed data on the industrial output and Q4 GDP will be published on February 14, 2013. IntelliNews comment : In our view, the weak performance of Hungarys industry, notably in Q4, points at continued economic recession. However, the recent expansion in production in the car industry could support recovery already in H1 2013.
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