Hungary's industrial production experienced a significant increase in August, with a year-on-year growth rate of 8.7%, according to preliminary data from the Hungarian Central Statistical Office released on Tuesday. This marks an acceleration from the 4.7% growth noted in July. In June, the production saw a rise of 10.1%. The growth was largely attributed to the sectors producing transport equipment and computer, electronic, and optical products.
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On a working-day-adjusted basis, the annual industrial production growth also rose to 8.7% in August, up from the previous month’s 4.7%. Month-on-month, industrial production increased by 1% in August when adjusted for seasonal and working-day variations, compared to a 1.8% rebound in July.
In contrast, separate data indicated that the annual growth rate in retail sales declined to 2.4% in August from 4.9% in July. Retail sales volume in non-specialized food and beverage shops increased by 1.9%, while specialized food, beverage, and tobacco stores saw a reduction in sales by 4.8%.