Shutdowns slow vehicle manufacturing output in August
Output growth of Hungary's vehicle manufacturing companies – which is inevitably the main driver of growth in Hungary's industrial sector – slowed to 4.3% y.o.y. in August from 32.0% in July, a second reading of data released by the Central Statistics Office (KSH) revealed today.
KSH speculates the slowdown is due to summer shutdowns at automotive industry plants.
Audi in Hungary recently said that it cut back on production in the summer, and today it was announced that Suzuki would cut back from two shifts to one.
On the positive side, output of the computer, electronics and optical equipment segment, which accounts for a large slice of the industrial sector, was up by 1.4%, the detailed data show. Output of food companies was down by 0.3%.
Total industrial output saw a rise of 0.5% y.o.y. in August, while the work-day adjusted index rose by 2.9% from a year earlier, KSH reported. Domestic sales decreased by 2.4%, while export sales increased by 1.3%. According to a month-on-month comparison, industrial output fell by 5.7% in August, adjusted for seasonal and work-day effects.
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