Industrial growth accelerates in February

Accord140408_Ipar_ENing to the preliminary data, industrial production grew by 8.1% in February against the same month of 2013, the highest growth rate since April 2011. As a result, the average growth rate in January-February hit 7,2%, a further acceleration compared to the respectable pace of growth in the last quarter of 2013. The seasonally and working day adjusted volume of industrial production rose further as well, reaching a new high since the outbreak of the financial crisis. We expect a deceleration during the coming quarters, amidst the continuation of the generally rising trend. Yet, today’s data suggest that in 2014 as a whole the pace of industrial growth is likely to exceed 5%, and possibly markedly so.