In light of data from the month of July, the volume of industrial output is expected to rise also in the second half of the year, Minister of State for Economic Regulation Béla Glattfelder told public news channel M1, commenting on preliminary data released by the Hungarian Central Statistical Office (KSH).

These data show that in July 2015 the volume of industrial output was 3.4 percent higher year-on-year and calendar-adjusted as well as unadjusted data signal the same increase.

Béla Glattfelder pointed out that the above 3 percent growth is a very favourable sign, especially given the fact that output soared by 11 percent in June and the base was also very high: in July last year, industrial output was up by 12 percent. The increase was slightly dampened by summer vacations and subsequent production stoppages.

Although detailed output data are only expected at a later date, manufacturing sub sectors and motor vehicle manufacturing are believed to have been the drivers industrial output growth, the Minister of State stressed.

Speaking about industrial sector output Béla Glattfelder added that foreign market demand for Hungarian products is very high, especially for motor vehicles, and that may result in further output growth in the second half of the year.

(Ministry for National Economy)