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Hungary new industrial orders up by a third yr/yr in November

Hungarian manufacturing companies received 35.4% more orders in November 2010 than a year earlier as new export orders jumped 38.7% and new domestic orders rose 16.1% from November 2009, fresh figures of the Central Statistical Office (KSH) show.

The rise was the biggest since a 40.9% jump in May and came from a relatively high base. New industrial orders has risen steadily since February 2010. They first rose in December 2009 after a continuous fall between August 2008 and November 2009.

The growth of new domestic orders, which continued since April, slowed in November from above 20% in October. New export orders rose at the steepest yr/yr pace since May. Export orders growth returned after hardly any growth (a mere 0.7%) in October and double-digit yr/yr increases in the preceding six months.

New domestic orders of computer, electronics and optical product manufacturers jumped more than 80% in one year, and rose 20%-30% for the various machinery makers. Vehicle manufacturers got 14% more orders in November than a year earlier. Domestic demand remained low in the pharmaceuticals branch, where the new orders fell almost 25% yr/yr in November after an almost 20% decline in October. New domestic contracts for chemicals companies were slightly down yr/yr after steady growth in the previous six months.

Except for drops in the textile and clothing branches, new export orders rose steeply in all branches, including an almost 40% rise in the pharmaceuticals branch and a 27% increase in vehicle manufacturing, both after yr/yr declines in October. Computer, electronics and optical product manufacturers received 56% more orders in November than a year earlier. New export orders of chemicals manufacturers rose at a steady pace of just over 10%.

The jump in new orders brought the total stock of orders to just a tad above its level of twelve months earlier for the first time since October 2008. The stock of domestic orders still lagged 25.1% behind their level one year earlier, while the stock of export orders exceed their respective November 2009 level by 4.1%.

The total domestic-order stock dipped below its year-earlier level in April 2009, and has stayed there since. The stock of export orders was steadily down yr/yr between November 2008 and June 2010, and yr/yr rises and drops alternated since last July.

Output per employee at businesses with a staff of at least five rose 13% in January-November 2010 from the same period a year earlier, including the effect of a 1.7% drop in headcount. (MTI-Econews)