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Industrial Production Rises 5.7% y/y, Exceeding Expectations of a Contraction

  • Hungary’s industrial production rose 5.7% y/y in December, far greater than the estimated 0.5% contraction (Prior: +0.8% y/y). The monthly figure recorded a 3.8% expansion (Prior: -0.7% m/m). Output of the automotive industry, Hungary’s largest manufacturing branch, “increased significantly”, while output fell in most other branches, Hungary’s statistics office said. Further details will be released on Feb 13.
  • Two Hungarian companies, Graphisoft Park SE and OXO Technologies Holding Nyrt, will simultaneously switch their listing currency to EUR as HUF’s volatility pushes locals to cut their exposure, Bloomberg report. Prime Minister Orban rejected an idea floated by his finance minister in 2022 to consider pegging HUF to EUR to help stabilize the currency, though many firms have diversified their finances already.
  • Hungary’s official reserve assets rose 4% by EUR1.55b from December to EUR40.3b in January, according to figures released by the NBH this morning. Reserves are up 13% from the same period last year.
  • There are no other data releases left on the docket today while the cabinet continues its three-day meeting focusing on the country’s economic growth, inflation and the effects of Russia’s war in Ukraine.
Figure 1: Industrial Production Expands 5.7% y/y

Source: Hungarian Central Statistics Office

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