Automotive sector fails to slow industrial output decline in February

Automotive

New automotive sector capacity failed to slow the decline of Hungary's industrial output in February, detailed data by the Central Statistics Office (KSH) published on Friday show. The data show output of the motor vehicle segment rose 4.4% year-on-year in February, lifted by added capacity at German carmakers Daimler and Opel. At the same time, output of the computer, electronics and optical segment plunged 18.3%. Machinery sector output fell 7.7%, output of pharmaceutical companies dropped 12.2% and food makers' output was down 3.5%, but chemical sector output climbed 7.5%. Headline output fell 5.4% in February – as in the first reading of the data published on April 5 – accelerating from a 1.4% drop in January. Adjusted for the number of workdays, output edged down 1.1% in February, after falling 1.4% in January. In a seasonally- and workday-adjusted month-on-month comparison, output edged up 0.3% in February, slowing from a 2.9% increase in January. Domestic sales fell 12.6% and export sales were down 2.1%.

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