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Industrial output down 8.3 percent in April

Output of Hungary's industrial sector fell by 8.3 percent year-on-year in April, after a 4.1 drop in the previous month, data released by the Central Statistical Office (KSH) on Wednesday show.

April output dropped by 5.8 percent when adjusted for the number of workdays.

Month on month, output declined a seasonally and workday-adjusted 2.5 percent.

Commenting on the data, a state secretary of the economic development ministry said that while industrial output was falling temporarily due to the war in Ukraine and related sanctions on Russia, priority sectors such as vehicle manufacturing and electrical equipment, mainly battery manufacturing, were on the rise.

Those sectors are expected to become the defining industries of Hungary as electromobility gains momentum worldwide, Gergely Fabian added.

Meanwhile, the government is working to protect jobs and to avoid recession through economic development programmes which have provided a total of 3,100 billion forints (EUR 8.4bn) in liquidity for companies, he added.

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