Automotive sector stalls industrial output growth
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Hungary’s industrial output dropped by 0.5% in December, as the automotive sector, the engine of the local economy, fell by 6.9% compared to the same month a year earlier, the Central Statistical Office (KSH) said today in a second estimate of data. In 2016, industrial growth slowed to 0.9% from 7.4% in 2015.
Although Hungary’s industrial output dropped by 0.5% in December 2016, compared to the same month of 2015, production rose by 1.9% adjusted for working days, the KSH noted.
In December, of the sections of industry, production practically stagnated (+0.1%) in manufacturing (representing a decisive 94% weight), and fell by 10.6% in mining and quarrying (carrying little weight), compared to December 2015, the KSH reported. The output of the energy industry (electricity, gas, steam and air-conditioning supply) declined by 1.5%, the stats office added.
The volume of industrial export sales fell by 4.2% in December, compared to the same month of the previous year, while industrial domestic sales rose by 3.9%, according to KSH data.
In 2016, the rise in industrial production slowed significantly to 0.9%, following the previous yearʼs 7.4% increase. Within this, output stagnated in the energy industry and fell by 19.7% in mining and quarrying compared to 2015, the KSH said.
As far as the whole year is concerned, industrial export sales grew year-on-year by 0.4%, while exports accounted for 65% of total industrial sales and for 75% of manufacturing sales. Industrial domestic sales declined by 1.2% compared to 2015; however, within this, domestic sales of manufacturing grew by 1.7%, the KSH noted.
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