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.

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