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Automotive Industry Output up 16.6% y.o.y. in July

Automotive

The output of the automotive industry, Hungary's most significant manufacturing sector, rose 16.6% year-on-year in July, according to a detailed data release by the Central Statistical Office (KSH) this week.

Growth of the segment, which has been challenged by the semiconductor shortage and supply chain problems over the past year, accelerated from 2.9% in the previous month. The automotive segment accounted for 24% of the manufacturing sector output in July. 

The detailed data shows the production of the computer, electronics and optical equipment segment, accounting for 9% of manufacturing, rose 14.4% y.o.y. Output of the food, drinks and tobacco segment, which made up 13% of manufacturing sector output, climbed 7.4%. 

KSH confirmed that headline industrial output increased 4% in July, accelerating from a 1.5% increase in the previous month. Adjusted for the number of workdays, output climbed 6.6%. 

In a month-on-month comparison, output rose a seasonally- and workday-adjusted 1.1%.

For January-July, output rose 4.9% from the same period a year earlier.

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