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Hungary industrial output falls further - extended

  Hungary’s industrial output declined 28.9% in February after a 22.9% fall in January , a second reading of data published by the Central Statistics Office (KSH) on Wednesday shows.

Unadjusted figures show a 28.9% decrease of industrial output in February following a 22.9% fall in January.

In a month-on-month comparison, industrial output fell 4.1% in February, according to workday- and seasonally-adjusted figures. Export sales were down just 0.3% and domestic sales contracted 5.0%.

In a twelve-month comparison, exports fell 27.4% in February, roughly at the same rate as in January, while domestic sales were down 10.2%, contracting faster following a slight 1.7% decrease in January, work-day adjusted figures show.

According to unadjusted figures, the fall in both exports and domestic sales accelerated: export sales fell 31.1% in February after dropping 29.7% in January, and domestic sales suffered a 10.7% decline after a 3.6% fall in the previous month.

Exports of IT, electronic and optical products, which account for nearly one-third of manufactured exports, fell 22.8% in February. Exports of the vehicle manufacturing sector, which account for about one-fourth of manufactured exports, declined 49.1% after a 39.2% contraction in January.

Exports of IT and electric products have fallen each month since July; exports of the vehicle manufacturing sector have dropped each month since October.

KSH explained the sharp drop in domestic sales citing a fall in demand for parts for goods ultimately bound for export markets. Twelve-month domestic sales of IT and electronic products fell 38.2% in February, exceeding the 37.7% decrease in January.

Vehicle and vehicle parts sales were down 40.6%, falling further for the eighth month in a row. Domestic sales of food, drink and tobacco contracted 7.0% in February after dropping 4.6% in January.

New orders in February were down 35.8% from a year earlier. New Export orders slipped 37.0% and domestic orders were down 28.1%. New export orders for the vehicle industry declined 50.7% and orders for IT and electric equipment fell 23.5%.

Total order stock was down 19.1% from a year earlier. Export orders were down 22.2%, after a 19.5% fall in January, but domestic orders rose 5.2% for the first time in four months. (MTI-Econews)