Hungary's industrial output picked up by 0.5% y/y in August 2014, sharply easing from a 12.3% growth in the previous month, the statistics office said on October 14 confirming the preliminary figures published a week earlier. The slowdown was due to the manufacturing of transport equipment and the related supply branches as well as the food sectors.
In workday-adjusted terms, production grew by 2.9% y/y in August and adjusted for seasonal effects it went down by 5.7% m/m.
The manufacturing sector edged up by an annual 0.1% in August, reflecting a sharp slowdown in the transport equipment sector where production growth eased to 4.9% y/y rise from double-digit levels in the previous months. At the same time, the food sector saw 0.7% y/y decline, partly due to the Russian embargo. Production of computer and electronics expanded by 1.4% y/y in August.
The mining and quarrying sector witnessed a 2.7% y/y produciton growth and the energy sector expanded by 4% y/y in August.
Industrial export sales increased by 2.5% y/y in August, mainly on the back of a 10.8% y/y growth in transport equipment exports, which represented nearly a third of the manufacturing sales abroad. By contrast, the computer, electronic and optical products sector, which accounted for a sixth of the manufacturing exports, dropped by 1.1% y/y.
Industrial domestic sales were 1.4% higher on the year in August, pushed up by a 2.4% y/y rise in manufacturing sales.
New manufacturing orders edged down by 0.4% y/y in August, reflecting an 4.7% y/y decrease in domestic orders, while new export orders were up by 0.3% y/y. The total stock of orders was up 18.2% y/y at end-August.
In aggregate terms, the industrial output increased by 8.7% y/y in the first eight months of 2014.
Hungary's industrial output grew by 1.4% y/y in 2013, recovering from a 1.8% y/y drop in 2012. The improvement was exclusively due to a 4.9% y/y rise in export sales, which more than offset a 1.8% y/y drop in sales on the domestic market.
Hungarian Prime Minister Viktor Orban has declared that an overwhelming majority of Hungarians oppose Ukraine’s accession to the European Union, citing the results of a national referendum ahead of ... more
Hungary’s MBH Bank has completed a successful €200mn Tier 2 bond issuance amid strong investor appetite. The ten-year notes, callable after five years, are priced with a 6.875% coupon following ... more