Hungary's industrial output grows 11.3% y/y in June 2014, in line with flash estimate

By bne IntelliNews August 14, 2014

Hungary's industrial output increased by 11.3% y/y in June 2014, easing from the 10.1% growth in the previous month, the statistics office said on August 13 confirming the preliminary figures published a week earlier. The growth was driven by expanding transport equipment and food sectors.

In workday-adjusted terms, production also grew by 11.3% y/y in June but adjusted for seasonal effects it went down by 1.8% m/m.

The manufacturing sector expanded by an annual 12.9% in June, supported mainly by a 23.5% rise in vehicle production, a 1.4% hike in computer and electronics production and a 14.6% rise in food production. By contrast, the mining and quarrying sector posted a 4.1% y/y fall in production in June and the energy sector registered an 8.1% y/y drop.

Industrial export sales jumped by 15.1% y/y in June, mainly supported by a 24.4% y/y growth in transport equipment exports, which represented more than a third of the manufacturing sales abroad. In addition, the computer, electronic and optical products sector, which accounted for a seventh of the manufacturing exports, grew by 1.2% y/y.

Industrial domestic sales were 8.4% higher on the year in June, pushed up by a 11% y/y rise in manufacturing sales.

New manufacturing orders grew by 17.7% y/y in June, reflecting an 18.6% y/y rise in the volume of new export orders and an 11.7% y/y increase in domestic orders. The total stock of orders was up 20.4% y/y at end-June.

In aggregate terms, the industrial output increased by 9.4% y/y in the first half of 2014.

Hungary's industrial output increased by 1.4% y/y 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 the 1.8% y/y drop in sales on the domestic market.

Related Articles

V4 leaders positive after dinner with European Commission president

The head of the European Commission Jean-Claude Juncker held talks with leaders of the Visegrad Group at a nearly three-hour dinner on October 19.  The dinner on the eve of the EU summit was ... more

Wizz Air applies for UK license as it prepares for Brexit turbulence

Hungary-based no-frills airline Wizz Air has set up subsidiary in the United Kingdom and is considering acquiring an air operators certificate (AOC) in preparation for possible negative impacts ... more

Hungarian retail investors continue to pile into domestic government bonds

The stock of government bonds held by households rose by HUF154bn (€500mn) September to an all-time high of HUF6.5 trillion, Hungary’s Government Debt Management Agency (AKK) said on October 16. ... more