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Industrial production up 8.8% in May

Automotive

In May 2017, the volume of industrial output rose by 8.8% year-on-year, a second estimate of data from the Central Statistical Office (KSH) reveals. Based on working day-adjusted data, production grew by 6.2%. Output went up by 5.7% in the first five months of 2017 compared to the same period of the previous year.

Compared to the data for May in the KSHʼs first estimate, there was no change in the data of the second estimate. Industrial output in May – according to the seasonally and working day-adjusted index – was above the level of the previous month by 2.3%.

The volume of industrial export sales rose by 11.4% compared to the same month of 2016. Within export sales in manufacturing, exports of transport equipment (representing 37% of the total) rose by 13.6%. In the manufacture of computer, electronic and optical products (accounting for 14% of manufacturing exports), the export volume also rose by a significant 12.8%.

Industrial domestic sales grew by 5.4%; within this, domestic sales of manufacturing were 6.5% higher year-on-year.

Of the sections of industry, production grew by 8.8% in manufacturing (representing a decisive weight of 96%) and by 42% in mining and quarrying, carrying little weight. The output of the energy industry (electricity, gas, steam and air-conditioning supply) declined by 3.0%.

The production of transport equipment, representing 30% of manufacturing output, rose year-on-year by 10.7%. There was a higher rate of growth in the manufacture of parts and accessories for motor vehicles (12.3%) than in the manufacture of motor vehicles (8.9%).

The manufacture of computer, electronic and optical products - accounting for an 11% share in manufacturing - grew by 12.6%, within which the manufacture of consumer electronics increased the most, by 26%.

The manufacture of food products, beverages and tobacco products, accounting for one tenth of manufacturing, went up by 4.3%.

In contrast to the decline in the previous month, the manufacture of electrical equipment rose by 9.5%.

Total new orders in the observed subsections of manufacturing rose by 9.8% compared to the same month of 2016. The volume of new export orders increased by 9.6%, while that of new domestic orders grew by 11.1%. The total stock of orders was below the level of May 2016 by 2.1%.

Output up 5.7% over first five months

In January–May 2017, compared to the first five months of 2016, industrial production rose by 5.7%. The volume of export sales - representing 65% of all sales - grew by 5.9%, while that of domestic sales - accounting for 35% of all sales  - rose by 4.2%.

The labor productivity of industrial enterprises with five or more employees went up by 2.3%, along with a 3.1% increase in the number of employees, according to the KSH.

Industrial production rose in every region of Hungary. The greatest volume growth was measured in the Northern Great Plain (8.1%), while the lowest was recorded in Central Hungary (2.9%).

The KSH is due to publish its first estimate of industrial production data for June 2017 on August 4.

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