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Automotive sector output contracts at faster clip in Dec

Automotive

The output of automotive manufacturing, the biggest segment of Hungary's industrial sector, declined 19.8% year-on-year in December, after a 15.3% drop in the previous month, state news wire MTI reports, citing a detailed reading of data released by the Central Statistical Office (KSH).

Hit by production shutdowns and scale-backs because of the global semiconductor shortage, the automotive segment, which accounts for around one-fifth of the manufacturing sector, has weighed on headline industrial output in recent months.

The detailed data show output of the computer, electronics and optical equipment segment, accounting for 12% of manufacturing, rose 14.8% year-on-year in December.

Output of the food, drinks, and tobacco segment, which made of 13% of manufacturing sector output, increased 14.2%.

Headline industrial output rose 5.8% year-on-year in December, the fastest rate since summer, KSH confirmed.

Adjusted for the number of workdays, output rose 3.6%.

In a month-on-month comparison, output edged down a seasonally- and workday-adjusted 0.1%.

For the full year, industrial output climbed 9.6%.

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