ADVERTISEMENT

KSH confirms accelerated industrial output in October

Automotive

In October 2017, the volume of industrial output rose by 7.6% year-on-year, according to a second estimate of data from the Central Statistical Office (KSH). The index adjusted for working days was equal to the non-adjusted one. Output grew by 5.4% in the first ten months of 2017 compared to the equivalent period of the previous year.

Output accelerated in October after a 5.4% growth in September. Compared to the figure for October published in the first estimate, there was no change in the data of the second estimate.

Industrial output – according to seasonally and working-day adjusted index – was above the level of the previous month by 1.2%.

The volume of industrial export sales increased by 9.3% compared to the same period of the previous year. Within export sales in manufacturing, exports of transport equipment (representing 37% of the total) declined by 4.0%. At the same time, in manufacturing of computer, electronic and optical products – accounting for 15% of manufacturing exports – the export volume went up by 14.7%.

Industrial domestic sales grew by 6.0%, within which domestic sales of manufacturing were 10.2% higher year-on-year.

Of the sections of industry, production rose by 8.2% in manufacturing - representing a decisive weight of 96% - and by 48% in mining and quarrying, which carries little weight. The output of the energy industry (electricity, gas, steam and air-conditioning supply) decreased by 0.8%.

Contrary to the fall in the previous month, the production of transport equipment - representing 29% of manufacturing output - grew by 3.5% year-on-year. The higher performance level of the subsection was also reflected in the indicator of new orders.

The manufacture of parts and accessories for motor vehicles went up by 8.1%, whereas the manufacture of motor vehicles dropped by 1.3%.

The manufacture of computer, electronic and optical products - accounting for 12% of manufacturing - rose by 10.7%.

The manufacture of food products, beverages and tobacco products, accounting for 11% of manufacturing, went up by 4.0%.

Increased labor productivity

Along with a 3.0% increase in the number of employees, the labor productivity of industrial enterprises with five or more employees was 4.7% higher in October than in the same month of 2016.

In every region of Hungary, industrial output rose year-on-year, the most in Southern Transdanubia, by 10.2%, and the least in Southern Great Plain, by 4.2%.

Total new orders in the observed subsections of manufacturing rose by 18% compared to the same month of 2016. The volume of new domestic orders increased by 0.2%, while that of new export orders grew by 21%. The total stock of orders was below the level of October 2016 by 8.0%.

In January–October 2017, compared to the same period of the previous year, industrial production increased by 5.4%. The volume of export sales, representing 65% of all sales, grew by 6.1%, 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 2.0% in the first ten months, along with a 3.2% increase in the number of employees.

Industrial production rose in every region of Hungary in January–October. The largest volume growth was measured in Northern Great Plain (8.8%), and the lowest in Southern Great Plain (2.6%).

A first estimate of figures for industrial production in November 2017 will be published by the KSH on January 8, 2018.

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.