Automotive sector continues to drive industry in December
Production volume of Hungaryʼs automotive industry - accounting for about 27.1% of total manufacturing output - rose 9.9% year-on-year in December, a second reading of data from the Central Statistical Office (KSH) shows. Overall industrial output rose 5.4% year-on-year in December, and 3.6% in 2018 as a whole.
Compared to the December data in the first estimate released last week, the headline data in the second estimate did not change.
Adjusted for the number of working days, industrial output increased 5.7% in December. In a month-on-month comparison, output rose 2.5% from November, adjusted for seasonal effects and the number of working days, the KSH confirmed.
Output of the computer, electronics and optical equipment segment, which makes up 12.7% of total manufacturing sector output, jumped 17.9% during the period. The manufacture of food products, beverages and tobacco products, accounting for 11.5% of manufacturing, rose by 3.0% compared to December 2017.
Industrial sales rose 5.6% year-on-year in December. While export sales increased 4.4%, domestic sales were up 7.2%. Sales of the automotive sector climbed 9.5%.
The order stock of the main segments of the manufacturing sector was up 7.2% in December from the same month a year earlier. The new order volume was up 1.3%, as new domestic orders increased 3.9% and new orders for export rose 1.1%.
Full-year output slows from 2017
Industrial output was up 3.6% for the full year of 2018, slowing from a 4.6% year-on-year increase in 2017. Industrial sales were up 3.3%, as export sales edged up 1.4% and domestic sales rose 6.8%.
Exports accounted for 63% of total industrial sales and for 73% of manufacturing sales.
In absolute terms, at current prices, output reached HUF 33.354 trillion in 2018, while sales came to HUF 36.751 tln. Domestic sales stood at HUF 13.516 tln and export sales reached HUF 23.235 tln.
Sales of the automotive sector slipped 1.2% in 2018, although some analysts have suggested a slowdown in the sector could be attributed to the application of the worldwide harmonized light vehicles test procedure (WLTP), an emissions test for all new car registrations from September.
Sales of the computer, electronics and optical equipment segment were up 6.0% in 2018 as a whole.
A first estimate of industrial output data for January 2019 will be published by the KSH on March 7, with a second, more detailed estimate following on March 13.
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