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Automotive sector keeps industrial output from declining in July

Hungary's industrial output stagnated in July compared to the same month a year earlier as an increase of output in the automotive sector countered a decline in communications equipment manufacturing, a second reading of data for the period published by the Central Statistics Office (KSH) on Friday shows.

The stagnation -- the same as that published in the first reading of the data on September 7 -- came after a 0.6% increase in June.
The data show output of motor vehicle manufacturing jumped 16.8% in July, while output of communications equipment manufacturing dropped by 16.9%.
Hungary's automotive sector output was lifted by German carmaker Daimler's recently opened plant in Kecskemét. The contraction in communications equipment manufacturing may have been due in part to Finnish handset maker Nokia's move of production from Hungary to Asia.