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Automotive sector puts brake on Hungary’s industry

As output of Hungary’s automotive sector, which is considered the engine of industry here, fell by 8.5% in July compared to the same month a year earlier, the country’s overall industrial output was down 4.7%, the Central Statistical Office (KSH) said today in a second estimate of data. The drop accelerated from a 0.3% decrease in June.

Working day-adjusted industrial production was essentially unchanged (–0.1%) in July, the KSH reported, though the number of working days was two fewer than a year earlier.  

The volume of industrial export sales declined by 5.0% compared to the corresponding month of the previous year, while industrial domestic sales also fell by 5.8%, and, within this, domestic sales in manufacturing were 4.4% lower year-on-year, the KSH said.

Total new orders in the observed subsections of manufacturing declined by 5.2%. Within this, the volume of new domestic orders decreased by 6.3% and that of new export orders by 5.1% compared to the same month of last year, the KSH said. The total stock of orders was above the level of July last year, it added.

In the period of January–July this year, as compared to the corresponding seven-month period of the previous year, industrial production rose by 1.3%, with the volume of export sales (representing 66% of all sales) growing by 1.5%, while that of domestic sales (accounting for 34% of all sales) dropped by 2.0%, the KSH reported.