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Hungary industrial output down 19.4%

Hungary's industrial output declined 19.4% in the twelve months to June according to both calendar-adjusted and unadjusted figures after a 18.8% yr/yr drop in June, a second reading published by the Central Statistics Office (KSH) on Wednesday showed on Tuesday.

In a month-on-month comparison, industrial output fell a seasonally- and work day-adjusted 0.7% in July, after rising in each of the previous two months. Both the year-on-year and month-on-month figures are the same as preliminary data published on September 8.

Export sales improved while domestic sales worsened in July, both in a year-on-year and month-on-month comparison

July export sales volume fell 19.8% yr/yr and was up 1.8% from June. Both month-on-month industrial exports rose and the twelve-month decline slowed for the third month in a row in July. Twelve-month export sales fell 28.8% in April, 24.7% in May and 21.7% in June.

Domestic sales fell 16.0% yr/yr in July and were down 2.8% from June.

Industrial output in January-July fell 22.1% from the same period a year earlier, unchanged from preliminary data.

The fall in new orders for selected industrial sectors accelerated slightly to 26% yr/yr in July from 24.4% in June. Total industrial order stock was down 20.8%, falling faster for the fourth month in a row, albeit from a high base. Total export orders were down 21.3% and domestic orders fell 17.8%, the steepest fall since November 2005.

New export orders were down 25.1%. New orders for IT, electronic and optical equipment fell a moderate 14.3%, but orders for electric devices declined 38.6% and vehicle orders were down 35.1%. At the same time, new machinery export orders fell just 7% and textile orders rose 4.2%, from a low base. New domestic orders slipped 30.7%, as vehicle orders plunged 44.8% and IT orders were down 41.7%. New domestic orders for electric equipment fell a slight 3.3% after a 14.7% drop in the previous month.

Export sales of IT and electronic products, which account for some 30% of manufactured exports, fell just 7.3% in July from the same month a year earlier, but vehicle exports, which have a 25% weight, dropped 30.7%. Industrial export sales of pharmaceuticals were down 9.7% and food export sales rose 4.6%.

Domestic sales of all manufactured goods fell 17.0%, the most in five years, as IT sales plummeted 50.8%, sales of other electronic equipment were down 32.2%, vehicle sales fell 8.3% and drug sales increased 6.3%.

Domestic sales of capital goods fell 26.1%, while sales of consumer goods declined 12.0%, as consumer durable sales declined 35.1% non-durable sales were down 10.1%. (MTI-ECONEWS)