Industy expanded in June after adjustment

130807_Ipari volumen_ENAccording to preliminary data, industrial production in June declined by 0.6% year-on-year. However, working day adjusted data show 1.7% expansion, for the second time this year. Moreover, seasonally and working day adjusted production also increased month-on-month. This means that the seasonally adjusted average production of Q2 2013 was above the monthly average of 2012.  We predict average production to remain so in the remaining part of the year, and hence we continue forecasting 0.5% industrial growth for 2013. Yet, the downward revision of industrial production in January-April 2013, also revealed by the statistical office, poses a downward risk on this.