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Industrial output down 6.9 percent in May

Output of Hungary's industrial sector fell by 6.9 percent year-on-year in May, after a 8.3 drop in the previous month, data released by the Central Statistical Office (KSH) on Thursday show.

May output dropped by 4.6 percent when adjusted for the number of workdays.

Month on month, output rose by a seasonally and workday-adjusted 1.6 percent.

Commenting on the data, Gergely Fabian, a state secretary of the Ministry of Economic Development, said industrial output was probably “past its lowest point caused by the sanctions and the sector is expected to return to a growth path later this year”. “Growth will continue to be driven by the automotive and electrical equipment sectors”, he added.

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