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UPDATE - Hungary industrial growth slows to 1% in June

Hungary's year-on-year industrial output climbed a workday-adjusted 1.0% in June, slowing from a 2.3% rise in May, the Central Statistics Office (KSH) said in a second reading on Friday. The figure is the same as that published in the preliminary reading on August 5.

Unadjusted output fell 1.4% in June, compared to a 7.3% increase in May.

Seasonally and workday-adjusted month-on-month output edged down 0.6% in June after falling 0.7% in May.

Exports edged down 0.6% year-on-year in June, following an 11.2% rise in May. Domestic sales declined 6.4% after falling 0.9% in the previous month.

Industrial output was up 8.1% in January-June from the same period a year earlier. Export sales rose 11.2% in the period and domestic sales were down 4.4%.

In a breakdown by market segment, manufacturing sector output was down 2.1% year-on-year in June.

Eight of the 13 manufacturing branches expanded. Of the biggest branches, output of computer, electronics and optical products declined a steep 24.7%. The segment, which accounts for more than one-sixth of manufacturing industry output, registered a decline for the third time since November 2009. Output of vehicle manufacturing increased 4.4%, thanks to exports alone as domestic sales declined. This segment accounts for 20% of manufacturing sector output. Output of the food, beverages and tobacco segment, which makes up more than 10% of the sector's output, was down 3.4%, largely due to declining domestic sales. Output of the machine and equipment manufacturing segment climbed 32.9%. Output of the chemical products segment rose 7.0%. The pharmaceutical segment performed well in spite of a high base, with output growing 12.3%.

Exports of the computer, electronics and optical segment, which accounts for close to 25% of manufacturing industry exports, fell a steep 26%, declining for the third month in a row. Exports of the vehicle manufacturing segment, which accounts for more than 25% of the sector's exports, were up 7.8% year-on-year in June. The two branches account for half of industrial exports.

Hungary's industrial output rose 10.5% in 2010 after dropping 11.8% in 2009. Export sales volume rose 16.4% in 2010 after a 18.8% decline in 2009. Domestic sales fell 2.9% in 2010 after a 12.5% drop in 2009.

Output per employee at businesses with staff of at least five rose 3% in January-June from the same period a year earlier, including the effect of a 4.9% rise in headcount.

New orders in the manufacturing companies were down 8.2% in June from the same month a year earlier. New export orders fell 8.4%, while new domestic orders were down 6.9%.

Total stock of orders was up 18.8% from the same month a year earlier.