Automotive sector slows, industrial output down
The straightforward reportage of preliminary data from KSH begins as follows: “In November 2013 … industrial gross output rose by 3.5% compared to the same month of 2012. The index adjusted by working days grew by 5.8%. Year-on-year, output increased by 0.9% in the first eleven months of the year…”
However, the seemingly good news was tempered by KSH’s own admission that the “increase” month-on-month is illusory when adjusted for season, becoming instead a 0.5% drop.
Worse yet, indications are that November results may indicate a slowing of Hungarian industrial output after growth through most of 2013: Total output declined 1.8% y.o.y. in 2012 for the 11-month period after growing 5.6% in 2011.
KSH deputy department head Milos Schindele explained to national news service MTI that a slowing within the automotive manufacturing sector in turn dropped the overall output numbers and made for a more slight increase y.o.y.
Takarékbank chief analyst Gergely Suppan stated to MTI that the automotive sector “could lift industrial output further in the coming months as the outlook for the vehicle industry improves and new domestic capacity is ramped up.”
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