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Industrial output up 3.4% in November, KSH confirms

In November 2017, the volume of industrial output rose by 3.4% year-on-year, according to a second, more detailed estimate of monthly figures issued by the Central Statistical Office (KSH) on Thursday. Output grew by 5.2% in January-November 2017 compared to the same 11-month period of the previous year.

The index adjusted for working days was equal to the non-adjusted index.  Compared to the data for November published in the first estimate released on Monday, there was no change in the data of the second estimate.

Industrial output according to seasonally and working day-adjusted figures was below the level of the previous month by 2.1%.

The volume of industrial export sales increased by 3.9% compared to the same month of the previous year. Within export sales in manufacturing, exports of transport equipment (representing 35% of the total) declined by 4.5%. At the same time, export sales of computer, electronic and optical products – accounting for 16% of manufacturing exports –  rose by 4.6%.

Industrial domestic sales grew by 2.0%, within which domestic sales in manufacturing were 2.7% higher year-on-year.

Production increased in all three sections of industry: by 3.1% in manufacturing (representing a decisive weight of 95%), by 3.7% in energy (electricity, gas, steam and air-conditioning supply), and by 74% in mining and quarrying, which carries negligible weight.

Compared to the previous monthʼs growth, the production of transport equipment (representing 28% of manufacturing output) dropped year-on-year by 2.8%. The manufacture of motor vehicles fell by 12.4%, while the manufacture of parts and accessories for motor vehicles increased by 7.4%.

The manufacture of computer, electronic and optical products, accounting for 12% of manufacturing, rose by 4.9%.

The manufacture of food, beverages and tobacco products, accounting for 11% of manufacturing, declined by 0.5%.

Along with a 3.0% increase in the number of employees, the labor productivity of industrial enterprises with five or more employees was 0.3% higher in November than in the same month of the previous year.

Industrial output declined year-on-year only in the statistical region of Western Transdanubia (by 3.7%). The highest growth was observed in Southern Transdanubia (7.9%), whereas in the other regions volume increases of 3.6% to 7.3% were measured.

Total new orders in the observed subsections of manufacturing dropped by 7.9% in November 2017 compared to November 2016. The volume of new domestic orders increased by 3.5%, while that of new export orders fell by 9.4%. The total stock of orders was below the level of November 2016 by 14.1%.

In January–November 2017, compared to the same 11-month period of the previous year, industrial production went up by 5.2%. The volume of export sales (representing 65% of all sales) grew by 5.9%, while that of domestic sales (accounting for 35% of all sales) rose by 4.0%.

In January–November, the labor productivity of industrial enterprises with five or more employees went up by 1.8%, along with a 3.2% increase in the number of employees.

Industrial production rose in every region of Hungary in the first eleven months of last year. The largest volume growth was measured in the Northern Great Plain (8.4%), and the lowest in the Southern Great Plain (2.7%).

A first estimate of industrial production figures for December 2017 will be published on February 7.