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Automotive sector output growth slows further in November

Output of Hungaryʼs automotive sector, an engine of industrial growth, rose 4% year-on-year in November, a second reading of data released by the Central Statistics Office (KSH) on Tuesday shows, state news wire MTI reports.

Output of the sector, which accounts for about 28% of total manufacturing output, had grown by 9.6% year-on-year in October and climbed almost 22% in September.

Output of the computer, electronics and optical equipment sector, which accounts for around 13.5% of manufacturing output, increased 8.8% year-on-year in November.

Output of food, drink and tobacco products rose 4.5%. The sector generates around 11% of manufacturing output.

Overall industrial output grew by 3.6% year-on-year in November, KSH said, confirming figures released in a first reading of data on January 8. The increase was 5.7% excluding seasonal and workday factors.

In a month-on-month comparison, industrial output fell 1.0pc, according to seasonally and workday-adjusted figures.

Domestic sales of the industrial sector increased by 1.7% year-on-year, as manufacturing sector rose 2.6%.

Industrial exports rose 1.9% year-on-year as exports of the automotive sector edged down 0.3% and exports of the computer, electronics and optical equipment sector climbed 12%.

Order stock in parts of the manufacturing sector which KSH tracks was 9.5% down at the end of November from twelve months earlier. New order volume was 5.4% higher, as new domestic orders were up 1.4% and new export orders rose by 6%.

For the period January-November, industrial output rose 6% year-on-year. Export sales, which account for nearly two-thirds of all sales, were up 6.9%, while domestic sales rose 5.7%.