Hungary's March industrial production up by 9.2% y/y.

By bne IntelliNews May 16, 2011
The revised statistics office data confirmed the preliminary figures, showing deceleration of the industrial output growth to 9.2% y/y in March in both unadjusted and workday-adjusted terms, after a 14.6% increase a month ago. The industrial production index, which excludes the effect of seasonal and workday factors, narrowed by 3.6% on the month, compared to 1.1% m/m rise in February. Part of the positive annual change again could be attributed to the low base effect. Nevertheless, exports were still the main driving force behind the production growth, while domestic demand was still below last year's level. Industrial export sales climbed by 14.5% y/y in March. Expectedly, the best performing industries in terms of exports share were the manufacturing of computer, electronic and optical products and transport equipment, although their volume growths almost halved to 10.8% y/y and 9.7% y/y, respectively. Despite the lower bases, the total domestic sales in industry continue to contract, at a pace of 2.9% y/y in March, compared to 7.7% y/y drop in March 2010, and 2.7% y/y in January 2011. Domestic manufacturing sales remained flat on the year. Regarding the overall performance among industrial sectors, there was an improvement in mining and quarrying (up by 14.6%) and manufacturing - up by 10% y/y, while energy inched down by 0.9% y/y in March. In aggregate terms, the gross output increased by 12.2% since the beginning of the year, with export sales jumping by 17.1% y/y and offsetting the 5.1% y/y decline in domestic sales. As the total new orders continued to expand in March (up by 21.5% y/y), the positive expectations for the dynamics in the industry sector remained. Both exports and domestic orders improved by 23.3% y/y and 10.9% y/y, respectively, leading to a 26% y/y expansion in the total stock of orders at the end of the month.

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