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IP Falls More than Estimated; Retail Sales Contract for Seventh Consecutive Month

HUNGARY
  • Industrial production fell 6.1% y/y (Est: -5.3%) in June versus revised -4.5% in May, according to the Central Statistical Office. The monthly figure fell 0.9% versus a revised +1.8% the month prior. Most branches of manufacturing contributed to the headline decline, the statistics office said. Among the biggest branches, electrical equipment and automotive production increased, while production of computers, electronics and optical equipment as well as of food, drinks and tobacco declined, it added.
  • Retail sales in Hungary fell by an annual 7.8% in June versus -12.3% in May, dropping for the seventh month in a row though beating estimates of a deeper 9.6% contraction. Adjusted food sales fell by 4.8%, non-food sales dropped by 4.3% and vehicle fuel sales were 24.2% lower. A detailed breakdown of the data shows adjusted retail sales fell in all types of shops, with the exception of drugstores and pharmacies.
  • EURHUF starts the session 0.20% lower and was little changed on release of the data. The cross recorded a fresh cycle high of 394.67 yesterday, reinforcing the current bullish conditions.
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