Hungary's industry in excellent shape

Jun 12, 2014 12:00 AM

The volume of Hungary’s industrial production grew by 10.1% year on year in April 2014, according to both unadjusted figures and data adjusted for working days, the Central Statistical Office (KSH) has reported on Thursday. The second estimate matches the preliminary figure.

Thanks to the splendid April print, Hungary’s IP rose 8.9% in the first four months of the year in annual terms. It is also good news that the volume of industrial production in April - according to seasonally and working-day adjusted indices - was above the level of the previous month by 2.4%. It is also noteworthy that domestic sales seem to be recovering. Orders data continue to point to good short-term industrial performance, even amidst mixed foreign business cycle indicators.

"Mainly a rise in the sales of transport equipment and the related supplier branches, as well as of food industry played a role in the growth of output," the stats office commented the robust April IP growth.

Out of the sections of industry, the production of manufacturing grew by 11.1% in April compared to the same month of 2013, while that of mining and quarrying (having little weight) increased at a similar rate of 11.2%. The output of energy industry (electricity, gas, steam and airconditioning supply) was 8.6% lower yr/yr.

In April 2014, a decrease was observed in only one of the thirteen subsections of manufacturing, while volume increases of 1.6% to 21.6% were measured in the other subsections compared to the same month of the previous year. Out of subsections with a significant weight the production of transport equipment representing nearly three tenths of manufacturing grew by 21.6%.

A higher growth of 32% was measured in the manufacture of motor vehicles, which was the dominant class of the subsection. The manufacture of computer, electronic and optical products, the second largest subsection has been rising already for two months: the output was above the level of the same month of the previous year by 7.8%, mainly due to an increase of more than 25% in the manufacture of consumer electronics.

The manufacture of food products, beverages and tobacco products ranked third in manufacturing (accounting for one ninth of manufacturing) rose remarkably by 10.1%. To the good performance of the subsection the Easter effect contributed, too: Easter was in April this year, while it was in March last year. The output of coke, and refined petroleum products increased - for the first time this year - by 13.1%, primarily as a result of a favourable tendency in export sales.

An above-average volume growth was observed in the manufacture of chemicals and chemical products (17%) representing medium weight, as well as in that of textiles, wearing apparel, leather and related products having the smallest weight (14.8%), too. A volume decrease (-8.4%) was recorded in the manufacture of machinery and equipment n.e.c., owing to a significant fall both in domestic and export sales.

Industrial export sales rose by 11.4% in the first four months of 2013 and by 9.8% in April compared to the same period of the previous year. Out of the two manufacturing subsections accounting for half of export sales, the export of transport equipment, representing more than one third of manufacturing exports increased by 19.1%. In the manufacture of computer, electronic and optical products - the other significant subsection giving nearly one seventh of manufacturing exports - export volume grew by 5.7%.

Industrial domestic sales declined by 1.4% in January-April and rose - for the first time this year - by 3.8% yr/yr in April. Domestic sales of manufacturing were 11% higher year-on-year in April. If we make a comparison to a 2010 base, it is still spectacular how domestic sales of the industry are apparently picking up suddenly.

In April 2014, total new orders in the observed branches of manufacturing grew by 6.5% compared to the same month of 2013. The volume of new domestic orders rose by 18.2%, while that of new export orders increased by 4.8%. The volume of total stock of orders was above the level of April 2013 by 18.4%.

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