KSH confirms accelerated industrial output in October
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.
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