Automotive rebound boosts industrial output in August
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.
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