Worrying news: July construction output in Hungary drops 6.2%, industrial production declines further

Data released by the Central Statistics Office (KSH) on Friday show that Hungary’s construction sector’s output fell 6.2pc year-on-year in July. Output of Hungary’s industrial sector fell 1.3pc in July, the Central Statistics Office (KSH) confirmed in a detailed release of data on Friday.

Hungary’s construction sector output down 6.2pc in July

Output of the buildings segment slipped 2.8pc and civil engineering output dropped 10.6pc.

In absolute terms, construction sector output reached HUF 665bn in July. The buildings segment accounted for 58pc of the total, KSH said.

In a month-on-month comparison, construction sector output edged up 1.0pc, adjusted for seasonal and workday effects.

Order stock was 21.0pc higher at the end of July than twelve months earlier. Buildings segment orders fell 5.4pc but civil engineering orders rose 47.8pc.

New orders were up 108.0pc during the period. New orders in the buildings segment dipped 22.4pc but new civil engineering orders jumped 283.0pc because of high-value contracts for road construction.

For the period January-July, construction sector output rose 3.0pc from the same period a year earlier.

Hungary’s industrial output edges 1.3pc lower in July

The detailed data show output of the automotive industry, Hungary’s biggest manufacturing sector, fell 10.0pc year-on-year in July. The segment accounted for 26pc of manufacturing output during the month.

KSH said that output of the electrical equipment segment, which comprised 10pc of manufacturing output, declined 10.0pc.

Output of the computer, electronics and optical equipment segment, accounting for 9pc of manufacturing, edged down 1.0pc.

Output of the food, drinks and tobacco segment, which made up 13pc of manufacturing sector output, rose 3.2pc.

Adjusted for the number of workdays — of which there were two more than in the base period — output was down 6.4pc.

In a month-on-month comparison, output was unchanged on a seasonally- and workday-adjusted basis.

For the period January-July, industrial output declined 3.0pc year-on-year.

PM Orbán said in his interview this morning that the Hungarian economy is growing, but the figures show something completely different. Read the optimistic interview here.

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