Automotive output outpaces industrial growth in January

Automotive

Vehicle and vehicle parts manufacturing output in Hungary rose 4.8% year-on-year in January, beating the overall 4.4% monthly rise in industrial output despite a week-long strike at German carmaker Audiʼs plant in Győr (NW Hungary).

In a second, detailed release of monthly industrial output data, the Central Statistical Office (KSH) confirmed that headline industrial output rose 4.4% year-on-year in January. Adjusted for the number of working days in the month, output climbed 5.0%.

Industrial output – according to the seasonally and working day-adjusted index – was above the previous month’s level by 0.6%.

Within industry, production grew by 3.7% in manufacturing in January, while output of the energy industry (electricity, gas, steam, and air-conditioning supply) increased by 9.5%, mainly as a result of colder weather compared with the previous year, the KSH noted.

The automotive segment, accounting for about 29% of manufacturing sector output in Hungary, saw output rise 4.8% in January. Output of the computer, electronics and optical equipment segment, which makes up 12% of manufacturing, rose by 3.2%. Production in the food, drink and tobacco products segment, accounting for 10% of manufacturing, climbed 4.7%.

Industrial exports up 6.7%

The volume of industrial exports grew by 6.7% year-on-year overall. Within export sales in manufacturing, exports in the automotive sector - representing 36% of the total - went up by 10.3%.

The export volume of computer, electronic and optical products, accounting for 15% of manufacturing exports, rose by 5.8%.

Industrial domestic sales increased by 8.7%, within which domestic sales in manufacturing were 8.6% higher compared to the same month of the previous year.

The order stock in sections of the manufacturing sector which the KSH tracks was up 8.2% at the end of January from twelve months earlier. The new order volume rose 4.6%, as new domestic orders climbed 9.5% and new export orders were up 3.9%.

A first estimate of industrial production data for February will be published on April 5, with a second, more detailed estimate following on April 12.

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