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Industrial Output Contracts 5.8% y/y in September

HUNGARY
  • Hungarian industrial output fell by 5.8% y/y in September after dropping 6.1% in the previous month, though the figure fell short of the larger 6.4% contraction estimated. On a monthly basis, industrial production rose 1.2% m/m versus -2.4% in August. While output expanded in the car sector in September, most of the rest of manufacturing such as in the food industry still shrank, the statistics office said.
  • The Hungarian government is committed to reducing the country's budget deficit and public debt and supports measures aimed at more stringent financial management at the level of the EU, Finance Minister Varga said as per MTI.
  • Looking ahead, retail sales and trade balance data as well as NBH minutes are scheduled for release tomorrow ahead of CPI data on Friday.
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