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Exports drive industrial growth

The volume of industrial production rose by 8.3% in 2004 yr/yr, the Central Statistics Office (KSH) confirmed a flash report in early February. The increase was due to the 15.7% boom in the volume of industrial exports, while domestic sales stagnated. In December, the overall growth rate slowed down to 3.5% yr/yr, or -1.4%. However, new orders rose 7% in the same month yr/yr, with new export orders standing at practically the same level as in December 2003, at a growth rate of 0.1%. In 2004, all of Hungary's regions saw industrial growth, with northern Hungary (14.9%) and the central part of western Hungary (13,4%) reporting the highest rates.