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Hungary December industrial output growth confirmed at 8.5%

Year-on-year industrial output growth in Hungary slowed to an unadjusted 8.5% in December from 14.7% in November, the Central Statistical Office (KSH) said, confirming data in a first reading published on February 8.

Workday-adjusted industrial output slowed to 6.0% in December from 14.7% in November, also in line with the preliminary figure.

In a month-on-month comparison, output dropped a seasonally- and workday-adjusted 11.8% in December. The fall followed a 4.3% rise in November and was the sharpest drop since December 2008, in the midst of the financial and economic crisis.

Industrial output climbed 10.5% for the full year in 2010 after falling 17.8% in 2009 and stagnating in 2008. Industrial output in Hungary last grew, by 7.9%, in 2007.

Year-on-year growth of industrial exports slowed to 9.9% in December from 21.2% in November. In a month-on-month comparison, exports fell 7.8% in December after climbing 4.2% in November. For the full year, export sales climbed 16.4% in 2010 after falling 18.8% in 2009.

Domestic sales fell 3.9% in December from the same month a year earlier, slowing from a 4.5% decline in November. In a month-on-month comparison, domestic sales slipped 0.9% in December after inching up 0.1% in November. For the full year, domestic sales fell 2.9% in 2010, after dropping 12.5% in 2009.

In a breakdown by market segment, KSH said output of the manufacturing sector rose 1.1% in December from the same month a year earlier. Output of the computer, electronic and optical products segment rose 8.8%, while output of the vehicle manufacturing segment increased 15.1%. Output of the food, beverages and tobacco manufacturing segment rose 1.9%. Above-average increases were seen in the pharmaceuticals segment (14.9%), the chemical products segment (12.7%) and the rubber, plastic and non-metallic minerals segment (12.2%).

Exports of the computer, electronics and optical products segment rose 16.0% and exports of the vehicle manufacturing segment were up 17.8% in a year-on-year comparison.

New manufacturing sector orders were up 12.2% in December from the same month a year earlier. Export orders were up 15.1% but new domestic orders slipped 3.2%. Total order stock in the segment grew 1.3%.

Output per employee at businesses with at least five staff rose 12.1% in 2010 from the previous year, including the effect of a 1.2% drop in headcount. (MTI – Econews)