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.
Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more
Three large German companies have chosen to invest in Debrecen, Hungary's second-largest city, since Lufthansa launched its first direct flight two years ago, it was announced on April 11. ... ... more
Green opposition party Politics Can Be Different (LMP) has suspended talks with fellow opposition parties after they failed to reach a cooperation agreement ahead of the April general election. ... more