Automotive sector output drops almost one-fifth on pandemic shutdowns
Output of Hungaryʼs automotive sector, normally an engine of industrial growth, dropped by 19.8% year-on-year in March as factories shut down to contain the spread of the novel coronavirus, state news wire MTI reports, citing a detailed reading of data released by the Central Statistics Office (KSH).
Vehicle manufacturing fell by 28% and parts manufacturing by 13.1%.
The output of the automotive sector accounted for about 26% of total manufacturing output in March.
The output of the computer, electronics and optical equipment sector, which accounts for around 13pc of manufacturing output, increased 1.7% year-on-year in March.
The output of food, drink and tobacco products rose 12.7%. The sector generates around 12% of manufacturing output.
Headline industrial output was down 5.6% in March, KSH confirmed.
Adjusted for the number of workdays industrial output was down 10%.
In a month-on-month comparison, industrial output was down a seasonally- and workday-adjusted 10.4% in March.
The export volume of the industrial sector decreased 8.1% year-on-year in March as exports of the automotive sector dropped 21.8% and exports of the computer, electronics and optical equipment sector were down 1.8%.
Domestic sales of the industrial sector fell 0.8%, with manufacturing sales dropping by 1.9%.
Order stock in parts of the manufacturing sector which KSH tracks was down 6.5% at the end of March from twelve months earlier. New order volume fell 10.1% as new domestic orders were up 1.6% but new export orders were down by 11.9%.
For the period January-March, industrial output edged up 0.1% year-on-year.
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