Hungary's industrial output grows 12.3% y/y in July 2014, matches flash estimate

By bne IntelliNews September 15, 2014

Hungary's industrial output increased by 12.3% y/y in July 2014, speeding from a 11.3% growth in the previous month, the statistics office said on September 12 confirming the preliminary figures published a week earlier. The growth was driven by the expanding transport equipment and food sectors.

In workday-adjusted terms, production also grew by 12.3% y/y in July and adjusted for seasonal effects it went up by 1.6% m/m.

The manufacturing sector expanded by an annual 13% in July, supported mainly by a 31.9% rise in vehicle production, a 9.9% hike in computer and electronics production and a 6.2% rise in food production. By contrast, the mining and quarrying sector shank by 11.2% y/y in July, while the energy sector registered a 1.3% y/y production rise.

Industrial export sales increased by 15.3% y/y in July, mainly on the back of a 32% 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 11.4% y/y.

Industrial domestic sales were 4.8% higher on the year in July, pushed up by a 7.7% y/y rise in manufacturing sales.

New manufacturing orders grew by 17.5% y/y in July, reflecting an 18.3% y/y rise in the volume of new export orders and a 12.5% y/y increase in domestic orders. The total stock of orders was up 19.2% y/y at end-July

In aggregate terms, the industrial output increased by 9.8% y/y in the first seven months of 2014.

Hungary's industrial output grew 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 a 1.8% y/y drop in sales on the domestic market.

Related Articles

Hungarian unions in full gear for first country-wide strike at Tesco stores

Union leaders are preparing for the first country-wide strike at Tesco stores in Hungary, which has unanimous support from workers, local media reported on September 4. This is just the latest in ... more

Russian development bank IIB signs off on debut Hungarian credit facility

The Moscow-based International Investment Bank (IIB) announced on August 9 that it has signed off on its debut credit facility in Hungary. The Russian-led IIB decided around five years ... more

Central Europe’s factories remain busy despite a summer lull in PMIs

Manufacturers in Central Europe reported a step back in activity and confidence in July, purchasing managers’ indices (PMI) released by IHS Markit on August 1 showed. While, the indicators still ... more

Dismiss