Automotive rebound boosts industrial output in August
pixabay
The volume of industrial output in Hungary was up 11.1% in August, according to raw data, compared to the same month of 2015, chiefly due to a rebound in the automotive sector, considered the engine of local industry, which sped up by 16.6% compared to July’s 8.5% decline, a second reading of data issued today by the Central Statistical Office (KSH) shows.
Based on working day-adjusted data, industrial production grew by 3.5%. Compared to the raw data, this significant difference is attributable to the fact that there were three more working days in August than a year earlier, the KSH explained.
The volume of industrial export sales grew by 9.5% in August compared to the corresponding period of 2015, while industrial domestic sales went up by 5.8%, and within this, domestic sales in manufacturing rose 12.5% higher year-on-year, the KSH reported.
Of the sectors of industry, production rose by 12% in manufacturing (which represents a decisive weight of 96%), and by 22.5% in mining and quarrying (which carry little weight) compared to the same month a year earlier, the KSH reported, adding that output of the energy industry (electricity, gas, steam and air-conditioning supply) declined by 0.8%.
In the January-August period, compared to the equivalent period a year earlier, industrial production rose by 2.3%. The volume of export sales - which represent 65% of all sales - grew by 2.4%, while that of domestic sales (35% of all sales) dropped by 1.1%, according to the KSH.
MOL Shareholders Approve Dividend of Around HUF 250/Share
Gov't Awards HUF 6.5 bln of Subsidies to SMEs in Underdevelo...
Hungary's Largest ESG Consultancy Formed by Merger of EY, De...
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
