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Hungary January PMI 53.5, reflects growth first time since August 2008

2010-02-01

Hungary's seasonally-adjusted Purchasing Managers Index (PMI) grew a sharp 4.4 points to 53.5 in January from December, showing growth in the manufacturing sector for the first time since August 2008, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which publishes the index, said on Monday.

An index above 50 indicates a pick-up in manufacturing activity, while a figure below 50 shows contraction.

The contraction just ended in the manufacturing sector was unprecedented in the 15-year history of the Hungarian index. The previous longest period of drops lasted five months between August and December 1998.

The conraction deepened in the autumn of 2008 with the first effects of the global financial and economic crisis. It bottomed out at 38 in January 2009.

The unadjusted index also rose sharply, to 50.0 in January from 41.5 in December.

All sub-indices were above 50 in January and only the index of purchase prices and that of employment indicated slower grwoth compared to December.

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Hungary January PMI 53.5, reflects growth first time since August 2008