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Automotive sector output down 10% y.o.y. in Dec

Output of Hungaryʼs automotive sector, an engine of industrial growth, dropped 10.4% year-on-year in December, falling for the first time in more than a year, state news wire MTI reports, citing a second reading of data released by the Central Statistical Office (KSH).

The output of the sector, which accounts for about 25% of total manufacturing output, had grown by 4.2% in November and 9.6% in October.

Output of the computer, electronics and optical equipment sector, which accounts for around 13% of manufacturing output, increased 1.4% in December.

Food, drink and tobacco products output rose 3.3%. The sector generates around 12% of manufacturing output.

Overall industrial output fell 1.2pc year-on-year in December, KSH said, confirming figures released in a first reading of data on February 6. Output dropped for the first time since June, albeit from a high base.

In the base period, industrial output had risen 6.4% year-on-year.

Adjusted for the number of workdays, industrial output fell 3.7% year-on-year in December.

In a month-on-month comparison, output dropped 3.8%, adjusted for seasonal and workday effects.

Industrial output rose 5.4% for the full year as automotive sector output climbed 9.8%, output of the computer, electronics and optical equipment sector increased 6.8% and output of food, drink and tobacco products was up 5.2%.