Hungary's industrial output fell by an annual 3.2% in October based on preliminary unadjusted data, below analyst forecasts for a 1.5% drop, the Central Statistics Office (KSH) said on Wednesday.

In September industrial output fell by 7.3%. Adjusted for the effect of working days, output fell by 2.8% year-on-year, while in monthly terms, it dropped by 0.6%, the KSH said.

The KSH said most major branches of industry, such as cars, computers, electronics and optical goods manufacturing contributed to the October decline and the production of food, beverages and tobacco products also shrank. In the first ten months, industrial output fell by 4.7% in annual terms.

INDUSTRIAL OUTPUT CHANGE, % October 2023 September 2023 October 2022 Unadjusted y/y -3.2 -7.3 6.3 (5.9)* Adjusted y/y -2.8 -5.8 5.4 (5.1)* m/m -0.6 1.2 -3.8 (-3.5)* *revised (Reporting by Marta Maciag and Adrianna Ebert in Gdansk)